Research: Global Cryptocurrency Users Reach 580 Million

The research team of the cryptocurrency exchange Crypto.com has released the "2023 Crypto User Scale" report. As of December last year, the number of global users holding cryptocurrency assets has grown to 580 million, a 34% increase year-on-year.

Global User Base Reaches 580 Million

Despite macro resistance, including central banks implementing currency tightening policies to curb inflation, dynamic conflicts in Europe, and a new round of economic crises, the adoption rate of cryptocurrencies continues to grow.

By the end of 2023, the global cryptocurrency holders increased by 34%, from 4.32 billion at the beginning of the year to 5.8 billion at the end of the year.

The growth momentum mainly includes the April Ethereum Shanghai upgrade, the Ordinals protocol and BRC-20 craze starting in May, and the stimulus of Bitcoin spot ETF at the end of the year.

BTC Holders: 296 Million

The number of Bitcoin holders increased from 222 million at the beginning of 2023 to 296 million, with an annual growth rate of 30%, accounting for about 51% of the global cryptocurrency asset holders.

The main catalyst behind the growth of Bitcoin holders is the craze brought by the May Bitcoin Ordinals protocol and BRC-20, attracting many users to join the Bitcoin ecosystem.

An overview of Bitcoin ecosystem asset types, explaining the technical differences behind ARC-20, SRC-20, etc.

Additionally, the development of Bitcoin spot ETF has sparked strong interest from institutional investors, prompting more traditional financial users to understand and engage with Bitcoin.

A guide to hidden fees of Bitcoin spot ETF, overview of BTC investment methods and fees

ETH Holders: 124 Million

The number of Ethereum holders increased from 89 million in January to 124 million in 2023, a growth of 39%, accounting for about 21% of global cryptocurrency holders.

The growth in Ethereum holders is mainly driven by the liquidity staking industry after the Ethereum Shanghai upgrade, which allows the extraction of staked ETH, gaining more market trust with the successful upgrade.

Shanghai upgrade data: ETH worth 150 million USD unlocked daily, staking ratio decreased by 4%, still outperforming Bitcoin

Additionally, the author believes that the growth of Ethereum holders at the end of the year mainly comes from the maturity of Layer2, modular narratives, and the launch of various fundamental network projects.

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Stable Growth in the Cryptocurrency Market

The cryptocurrency market has achieved rapid growth year after year. 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 Ethereum are mainly driven by narratives to promote growth. Apart from reflecting the rapid changes and innovations in the cryptocurrency market, they also feel the systemic risks that come with speculation and rapid growth, showing unique industry characteristics.

With the maturity of infrastructure, progressive regulations, and increasing societal acceptance, the cryptocurrency market and Web3 applications are expected to gain mass adoption more rapidly in the future.