580M strong – Here’s where Bitcoin, Ethereum are leading the way
- Global crypto-users rose by 34%, hitting 580 million, with Bitcoin and Ethereum users growing massively
- This is a sign of growing mainstream crypto-acceptance and resilience amidst market challenges
As the curtain fell on 2023, the world of crypto witnessed a significant surge in user adoption. According to a report by Crypto.com, the number of cryptocurrency users or holders globally soared by 34% in 2023. It climbed to an impressive 580 million, up from 432 million towards the start of the year.
This growth trajectory highlights the increasing mainstream acceptance of cryptocurrencies as both a viable investment and a revolutionary financial technology. Additionally, the report shed light on two of the leading cryptocurrencies – Ethereum (ETH) and Bitcoin (BTC).
Bitcoin and Ethereum’s recent price surge
According to Cryptocom reports, as of the end of 2023, there were more than 500 million cryptocurrency users or holders, an increase of 34% in 2023, from 432 million to 580 million; the number of Ethereum holders increased from 89 million to 124 million , while the number of…
— Wu Blockchain (@WuBlockchain) January 22, 2024
Ethereum, known for its smart contract functionality, saw its holder base expand from 89 million to 124 million in 2023. This significant increase underscores Ethereum’s growing influence in the decentralized finance (DeFi) and non-fungible token (NFT) spaces.
Bitcoin, often referred to as digital gold, also saw a notable uptick in its user base. The number of Bitcoin holders climbed from 222 million to 296 million. This hike can be attributed to Bitcoin’s growing perception as a store of value and a hedge against traditional market volatility.
The surge in crypto-adoption is a testament to the sector’s resilience and potential, despite the various challenges and market fluctuations seen over the years. The increasing numbers reflect enhanced global awareness and understanding of digital assets, further propelled by advancements in blockchain technology and wider institutional acceptance.
Unveiling probable reasons behind the surge
The report also suggests that the diversification of the cryptocurrency market, with the introduction of various altcoins and digital assets, has played a crucial role in attracting a broader audience. Users are no longer confined to a limited choice of cryptos but can explore a myriad of options, each offering unique features and use cases.
The growth in crypto-holders also aligns with the increasing number of platforms and services that support these digital assets. From trading platforms and wallets to payment services and lending platforms, the ecosystem supporting cryptocurrencies has expanded, making it more accessible for users worldwide.
Can we expect the BTC, ETH uptrend to continue in 2024?
The rise in crypto-adoption is not just a number; it represents a shift in the global financial paradigm. As we step into 2024, this trend is likely to continue, with more individuals and institutions recognizing the potential of digital currencies.
The increasing numbers of Ethereum and Bitcoin holders signify a maturing market poised for further innovation and growth. The report painted a picture of a dynamic and evolving cryptocurrency landscape, one that is gradually becoming an integral part of the global financial system.