7 months ago
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The growth was mainly driven by the Ethereum Shanghai Upgrade and anticipation for spot Bitcoin ETFs in the US.
Global crypto ownership soared by 34% in 2023, scaling from 432 million to 580 million, according to a recent report from crypto exchange Crypto.com. This surge in crypto ownership comes in the face of persistent challenges such as inflation, geopolitical conflicts, and the lingering effects of the pandemic.
Total number of global crypto owners – Source: Crypto.comLeading the crypto adoption race were Bitcoin and Ethereum, which experienced growth of 33% and 39%, respectively. These two coins now represent a substantial share of the global market, with Bitcoin holding a 51% majority and Ethereum 21%.
The report highlights the Bitcoin Ordinals protocol as a major driver for Bitcoin’s sharp uptick in adoption during April and May, while the latter part of the year saw a boost from advancements in Bitcoin exchange-traded funds (ETFs).
According to the findings, the fourth quarter of 2023 witnessed a surge in Bitcoin and Ethereum ownership, driven by the buzz around Bitcoin and Ethereum ETFs. This coincided with impressive price gains, with BTC briefly hitting $44,000 and ETH reaching new highs of $2,400.
Kris Marszalek, CEO of Crypto.com, expressed optimism in a recent AMA about the future of crypto, particularly with the growing institutional interest catalyzed by ETFs. He said that:
“I think the BTC ETF approval is a very important milestone for the market, and we think that this trend is going to continue. I think that tokenization of real-world assets is going to help make the size of this addressable market for us much larger.”
For Ethereum, the growth in ownership is mainly attributed to liquid staking enabled by Ethereum’s Shanghai Upgrade, Crypto.com noted. This key development allowed for the withdrawal of staked ETH, coinciding with Ethereum’s transition to a Proof of Stake (PoS) blockchain, further fueling adoption rates.
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