Crypto.com, in its recent publication, reveals that the global crypto user count grew to 580 million individuals last year. The market sizing report indicates that over half a billion individuals became crypto users and holders by December 2023.
Global Crypto Realize 34% Growth in Users
The cryptocurrency exchange Crypto.com reports that the global crypto users grew 34% in 2023 from 432 million users in 2022.
Crypto.com delved deeper into the user statistics collected from last year’s activity. The report by the crypto exchange shows that Ether realized increased ownership from 89 million in 2022 to 124 million. Further scrutiny of the statistics indicates that Bitcoin ownership rose from 222 million users to 296 million by the end of 2023.
Crypto.com explained that the on-chain market sizing approximates utilizes the unique methodology integrating on-chain data with multiple parameters to track the global crypto owners.
The Crypto.com report acknowledges that the 34% surge in the user base was realized amid the prolonged and bearish market conditions.
An excerpt from Crypto.com’s report indicates that the crypto adoption realized last year set records despite several macro headwinds. Such involved repeated monetary tightening portrayed by Western central banks to resolve inflation.
The report notes that Europe suffered the protracted kinetic conflict, a fate that would be replicated in the Middle East. Also, the report cites that crypto adoption occurred amid the struggle to shake off the consequences of the COVID-19 pandemic.
Ethereum and Bitcoin Accomplish Strong Demand in 2023
The report by Crypto.com indicates that Ethereum’s Shanghai upgrade had a critical input in increasing the network’s activity. Also, the Shanghai upgrade triggered a subsequent rally in ETH value.
The report indicates that the Bitcoin block space realized strong demand following the increased influence exhibited by the nonfungible token functionality onboarding to the Bitcoin blockchain last year. This coincided with the advent of Bitcoin Ordinals and BRC-20 tokens.
The Crypto.com report cited the widespread debate surrounding the approval of Bitcoin ETFs anticipated in the US triggered increased Bitcoin acquisitions and wallets last year. In particular, the Crypto.com report illustrates that Bitcoin adoption picked up in the last quarter of 2023.
Crypto.com captures data collected from 23 crypto exchanges during its on-chain data extraction. The publication illustrates that 40% of the Bitcoin holders also own Ethereum. The report indicates that 42% of the crypto users neither hold Bitcoin nor Ether in their digital assets portfolios.
The Crypto.com report reveals the immense growth realized in the last year. A previous report conveyed by Bitfinex last month forecasts that the crypto user base would rise to 950 million by December 2024.
SureTradeGroup.com is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site is paid content that is not written or posted by our writers or editors and the opinions expressed do not reflect the opinions of this website. Any disagreement you may have with brands or companies mentioned in articles will need to be taken care of directly with those specific brands and companies. The responsibility of anyone who may click links in our articles and ultimately sign up for that product or service is their own. Forex, Stocks, Cryptocurrencies, NFTs and Dogital Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.