Over 580 million people now own crypto globally

According to a recent report from Crypto.com, global crypto ownership increased by 34% in 2023, rising from 432 million to an impressive 580 million.

This surge in crypto adoption coincides with economic challenges, geopolitical tensions, and the pandemic’s ongoing effects.

Bitcoin and Ethereum led the charge in the crypto adoption race, with growth rates of 33% and 39%, respectively. Bitcoin now controls 51% of the global market, with Ethereum accounting for a sizable 21%.

The report identifies the Bitcoin Ordinals protocol as a key driver of Bitcoin’s adoption surge in April and May.

Furthermore, advancements in Bitcoin exchange-traded funds (ETFs) contributed significantly to increased adoption rates, particularly in the latter part of the year.

The fourth quarter of 2023 saw a significant increase in Bitcoin and Ethereum ownership, which coincided with the popularity of their respective ETFs.

This surge was also accompanied by impressive price gains, with Bitcoin briefly exceeding $44,000 and Ethereum reaching new highs of $2,400.

Kris Marszalek, CEO of Crypto.com, expressed optimism about the cryptocurrency market’s future, citing growing institutional interest fueled by ETFs.

He sees BTC ETF approval as a watershed moment and predicts further growth, stating, “Tokenization of real-world assets is going to help make the size of this addressable market much larger.”

The report attributes the increase in ownership to the liquid staking enabled by Ethereum’s Shanghai Upgrade.

This upgrade enabled the withdrawal of staked ETH and coincided with Ethereum’s transition to a Proof of Stake (PoS) blockchain, which helped boost adoption rates.