In 2023, the global cryptocurrency community witnessed a remarkable surge, with the number of cryptocurrency owners soaring by an impressive 34%, from 432 million in January to a staggering 580 million by December. This insight, unveiled by Crypto.com’s Crypto Sizing Report, proves crucial for the finance market.
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What’s Fueling the Surge?
Ether (ETH), not to be outdone, witnessed a significant 39% surge in ownership, soaring from 89 million to an impressive 124 million over the same period. The driving force behind ETH’s growth was the introduction of liquid staking post Ethereum’s Shanghai Upgrade.
This upgrade enabled staked ETH to be withdrawn after the transition to the Proof of Stake (PoS) blockchain, establishing a robust foundation for Ethereum’s expansion.
Exceptional Monthly Growth and Key Influencers
Standout months for both BTC and ETH were April and May, boasting exceptionally strong monthly growth rates of 5.1% and 6.7%, respectively. Bitcoin’s surge during this period can be attributed to the momentum of Bitcoin Ordinals, introducing the ability to mint NFTs on the Bitcoin network.
Simultaneously, the emergence of BRC-20 tokens and heightened interest from institutional investors propelled Bitcoin to unprecedented levels in Q4.
Price Peaks
The culmination of 2023 witnessed both BTC and ETH adoption reaching unprecedented levels, accompanied by growing excitement surrounding developments in the Bitcoin and Ether ETFs space. During this period, BTC and ETH prices experienced a significant surge, momentarily reaching levels of US$44,000 and US$2,400, respectively.
Also Read: Bitcoin Price 2024 Predictions: Should You Hold or Fold?
Wrapping up, this remarkable surge in crypto ownership, resulted in an impressive 580 million users by the end of 2023. As digital assets gain wider acceptance, the cryptocurrency ecosystem’s growing influence and adaptability become increasingly evident. Moving forward, the cryptocurrency industry is poised for further growth, innovation, and undoubtedly a lasting impact.
