A New Market Sizing Report Reveals Surge in Cryptocurrency Owners
A recent market sizing report by cryptocurrency exchange Crypto.com indicates that the number of cryptocurrency owners worldwide increased by 34% in 2023, growing from 432 million to 580 million by the end of the year.
Crypto.com’s unique approach combines on-chain data and various criteria to estimate the total number of global crypto owners.
Crypto.com Releases 2023 Market Sizing Report
The growth in crypto holders during 2023 occurred despite challenges such as the ongoing pandemic and monetary tightening measures implemented by Western central banks to address inflation and conflicts in Europe and the Middle East.
According to the report, the number of ETH owners rose from 89 million to 124 million, while the number of Bitcoin owners increased from 222 million to 296 million.
Key Findings From the Report
The report highlights that BTC’s adoption growth was primarily driven by excitement surrounding Bitcoin exchange-traded funds (ETFs) and the launch of the Bitcoin Ordinals protocol. Institutional investors’ interest, including BlackRock and Fidelity, also contributed to the rise in BTC usage.
The report also mentions Ethereum’s growth, which was attributed to liquid staking following Ethereum’s Shanghai Upgrade.
Additionally, Q4-2023 was a favorable period for both BTC and ETH, with prices reaching $44,000 and $2,400, respectively. The growing presence of investors in anticipation of Bitcoin and Ether ETFs contributed to this price surge.
How did Crypto.com Perform in 2023?
While other crypto exchanges faced regulatory scrutiny and lawsuits, Crypto.com had a successful year. The platform obtained regulatory licenses and formed strategic partnerships.
In 2023, Crypto.com secured licenses from Dubai’s Virtual Assets Regulatory Authority (VARA), the Monetary Authority of Singapore (MAS), and regulators in the UK, the Netherlands, and Spain.
Hot Take: The Crypto Market Shows Resilience and Potential for Mass Adoption
Kris Marszalek, CEO of Crypto.com, commented on the report, stating that despite challenges, the crypto industry remains resilient and well-positioned for mass adoption.
Please note that the information provided is not financial advice and is for educational and informational purposes only. Investing in cryptocurrencies carries high risk, so it’s essential to do thorough research and exercise caution.
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