Research: Global Number of Cryptocurrency Users Reaches 580 Million
Crypto.com Research Team Releases “2023 Cryptocurrency User Scale” Report
As of December last year, the number of global cryptocurrency users has grown to 580 million, with an annual growth rate of 34%.
Table of Contents
Toggle
Global user count reaches 580 million
BTC holders: 296 million
ETH holders: 124 million
Stable growth in the cryptocurrency market
Despite macro obstacles such as currency tightening policies implemented by central banks to curb inflation, dynamic conflicts in Europe, and a new round of economic crises, the adoption rate of cryptocurrencies continues to grow.
In 2023, the global number of cryptocurrency holders grew by 34%, increasing from 432 million at the beginning of the year to 580 million by the end of the year.
Advertisement – Continue scrolling for more content
Changes in the number of cryptocurrency users in 2023
The growth momentum primarily includes the April Ethereum Shanghai upgrade, the Ordinals protocol and BRC-20 frenzy that began in May, and the stimulus from Bitcoin spot ETFs at the end of the year.
The number of Bitcoin holders increased from 222 million at the beginning of 2023 to 296 million, achieving an annual growth rate of 30%, which accounts for approximately 51% of the global number of cryptocurrency holders.
Changes in the number of BTC holders in 2023
The main catalyst behind the growth of Bitcoin holders is the frenzy brought by the Bitcoin Ordinals protocol and BRC-20 in May, attracting many users to join the Bitcoin ecosystem.
(Compilation of Bitcoin ecosystem asset types, layman’s explanation of the technical differences behind ARC-20, SRC-20, etc.)
Another factor is the development of Bitcoin spot ETFs, which has generated strong interest from institutional investors and encouraged more traditional financial users to try to understand and engage with Bitcoin.
(Hidden costs of Bitcoin spot ETFs you shouldn’t miss, overview of BTC investment methods and fees)
The number of Ether holders increased from 89 million in January to 124 million in 2023, with a total growth of 39%, accounting for approximately 21% of the global number of cryptocurrency holders.
Changes in the number of ETH holders in 2023
The growth of Ether holders is mainly driven by the liquidity staking industry after the Ethereum Shanghai upgrade, which allows for the extraction of staked ETH and gains more trust from the market upon successful upgrade.
(Shanghai upgrade data: $150 million worth of Ether unlocked daily, staking ratio decreased by 4%, still outperforming Bitcoin)
In addition, the author believes that the growth of Ether holders at the end of the year mainly comes from the maturity of Layer2 and modular narratives, as well as the launch of various foundational network projects.
(Viewpoint | Competition in data availability layer (DA) will present diversified development)
The cryptocurrency market has achieved rapid growth for several consecutive years. Although the growth rate in 2023 has slowed down, it still achieved a growth rate of 34%.
It can be observed that both Bitcoin and Ether growth are primarily driven by narratives. In addition to reflecting the rapid changes and innovations in the cryptocurrency market, they also demonstrate unique industry characteristics accompanied by speculation and rapid growth risks.
With the maturation of infrastructure, progressive regulations, and increased acceptance in society, the cryptocurrency market and even Web3 applications are expected to gain mass adoption more rapidly in the future.
2023 Report
CRYPTO
Number
Report
Further reading
Research by China Academy of Information and Communications Technology | Local Chinese Governments Drive Flourishing Development of Cryptocurrency Technology
Research | Infrastructure Attention-Grabbing, Compilation Report on Cryptocurrency Financing in 2023
