In the first half of 2024, the cryptocurrency user base experienced notable growth, reaching 617 million owners globally.
The growth in the number of cryptocurrency users globally was reported by the Cryptocom Research platform, which recently published data from its latest research report related to the crypto world.
According to this data, the global cryptocurrency user base increased by 6,4% compared to the end of 2023, reflecting a growing trend towards the adoption of digital assets. As of December last year, the global cryptocurrency user base was around 580 million people. By last month, this number had surpassed 617 million people.
As this medium has reported, the adoption of cryptocurrencies and digital assets is being driven by significant developments in the main blockchain networks in the market, such as Bitcoin and Ethereum. Furthermore, we must not forget that the integration of cryptocurrencies into everyday life is becoming consolidated, especially in developing countries with unstable economies, where these digital currencies offer an attractive alternative for the management and transfer of value, savings and even , investment.
Global growth in cryptocurrency ownership
According to the Cryptocom report, the number of Bitcoin owners grew by 5,9%, reaching 314 million. This amount represents more than 50% of the total cryptocurrency owners worldwide. In addition to Bitcoin, Ethereum also saw notable growth in its global user base, with a 9,7% increase in the first half. According to the data, the number of Ethereum owners now totals 136 million.
Experts have attributed this exponential growth to key events in the crypto world, such as the approval of exchange-traded funds (ETFs) linked to Bitcoin and Ethereum in global markets such as the United States and Hong Kong, and the growing acceptance of cryptocurrencies as a legitimate alternative for the safekeeping and store of value.
As for ETFs, these regulated financial instruments have attracted both retail and institutional investors, leading to an increase in crypto market confidence.
Likewise, in recent months, the perception of Bitcoin as "digital gold" has been reinforced, especially after the arrival of the fourth halving of the blockchain network, which has made Bitcoin an even scarcer digital asset on the market. This event, combined with the launch of spot ETFs, has made it easier for millions of people to invest in this cryptocurrency safely, further driving its adoption.
Meanwhile, Ethereum's Dencun upgrade, which significantly reduced transaction fees, has led to a surge in activity on layer 2 networks, which now account for approximately 90% of all transactions on the Ethereum blockchain. .
Cryptocurrencies have become a financial solution in unstable economies
The growth in the number of cryptocurrency users is not limited to developed countries. In several developing nations, where economies are unstable and local currencies suffer from high inflation, cryptocurrencies have emerged as a viable alternative for preserving value and conducting transactions. In countries like Argentina and Venezuela, where currency devaluation has led to the search for safe havens, cryptocurrencies have become an essential tool for many citizens.
La Cryptocurrency adoption In these contexts, it has been facilitated by the increasing accessibility of crypto-asset exchange platforms and education about the use and potential of digital assets. In addition, the use of cryptocurrencies for remittances has grown, as they allow for faster and cheaper transfers compared to traditional methods. This has led to an increase in the acceptance of cryptocurrencies in local businesses, contributing to their integration into people’s daily lives.
However, despite this notable growth, the cryptocurrency market has not been without its challenges. In March, the crypto market capitalization stood at $2,7 trillion, declining 22% year to date. However, the long-term trend remains positive. The increase in the number of cryptocurrency owners globally is indicative of a significant change in the way people perceive and use money.
Backed by technological developments and growing acceptance, the global expansion and adoption of cryptocurrencies appears to be assured.
