Number of crypto users surpassed 500 million in 2023
In 2023, a study by Crypto.com revealed a 34% surge in global cryptocurrency users, climbing from 432 million to 580 million individuals.
Analysis of data from over 20 cryptocurrency exchanges uncovered an increase in Ether (ETH) holders from 89 million to 124 million and Bitcoin (BTC) owners from 222 million to 296 million within the year.
Remarkably, 40% of Bitcoin holders also have Ether, while 42% of crypto enthusiasts did not include either Bitcoin or Ether in their portfolios.
Experts attribute this user expansion to the prolonged bearish trend in the crypto market. Despite facing challenges such as monetary policy restrictions imposed by Western regulators to counter inflation, ongoing military conflicts, and the lingering impact of the COVID-19 pandemic, the adoption of cryptocurrencies continues to grow.
The surge in Ethereum network activity and the rise in ETH’s price were primarily attributed to Ethereum’s Shanghai upgrade.
Furthermore, the integration of BRC-20 tokens on the BTC blockchain and Bitcoin Ordinals played a key role in driving demand for the leading network.
Significantly, the interest of institutional investors had a significant impact on Bitcoin’s popularity. Anticipation surrounding the launch of ETFs for Bitcoin in the United States fueled a notable uptick in Bitcoin purchases throughout 2023. According to the Crypto.com experts, there was a particularly pronounced spike in Bitcoin demand during the Q4 of the previous year.
Earlier, DappRadar analysts reported a notable surge in Web3 users during 2023.