According to a market size analysis from cryptocurrency exchange Crypto.com, by the end of 2023, over half a billion people would have either acquired or used cryptocurrencies.According to the company’s estimations, the number of cryptocurrency users worldwide rose from 432 million to 580 million in 2023, a 34% increase.
According to Crypto.com, when the year came to an end, the number of people who owned Bitcoin went from 222 million to 296 million, while the number of people who owned Ether increased from 89 million to 124 million.
The on-chain market sizing estimates provided by Crypto.com employ their own approach, which combines on-chain data with a variety of criteria to determine the total number of cryptocurrency owners worldwide.
According to the survey, extended unfavorable market conditions coincided with a 34% increase in the number of bitcoin users globally.In spite of macro headwinds such as the ongoing monetary tightening by Western central banks to try to control inflation, protracted kinetic conflict in Europe and a new one in the Middle East, and longer-term effects of the pandemic, “crypto adoption in 2023 achieved new milestones,” stated an excerpt from the report.
According to the document, Ethereum’s Shanghai update contributed to a spike in network traffic and an uptick in ETH’s value.In the meantime, there was a significant need for Bitcoin block space because to the impact of non-fungible token functionality that would be added to the blockchain in 2023 with the introduction of BRC-20 tokens and Bitcoin ordinals.
The surge in Bitcoin wallets and purchases in 2023 was partly influenced by growing speculation of the eventual acceptance of multiple Bitcoin exchange-traded fund registrations in the US.According to the research, as a result, Q4 2023 saw a surge in BTC adoption.23 cryptocurrency exchanges’ worth of data are included in Crypto.com’s on-chain data extraction.In addition, 40% of Bitcoin owners also possess ETH, according to the survey, while 42% of cryptocurrency users do not own any BTC or ETH.By the end of 2024, there will be an estimated 950 million cryptocurrency users worldwide, according to a Bitfinex analysis from December 2023.