Bitcoin OptionsBitcoin TrendsCrypto AdoptionCryptocurrencyCryptocurrency RegulationNewsNFT Report Shows Active Digital Assets Users Reached Half a Billion in 2023, the best-performing exchange in Singapore, conducted extensive research to examine the adoption of digital assets among retail and institutional clients. In the study titled”Market Sizing Estimates ” observed impressive growth in the adoption of digital assets. 

The crypto exchange noted a 34% increase in digital assets owners from 2022. According to the report, the number of crypto users increased to 580 million from 432 millin in the previous trading year. 

Rise of Crypto Adoption

Besides analyzing the surge in crypto adoption, the study examined the token that attracted a substantial customer base.

Based on the unique features of different digital assets, the team observed that the number of active Ethereum (ETH) users increased from 89 million to around 124 million in 2023. Consecutively the world’s largest cryptocurrency by daily trading volume, Bitcoin received 296 million active users. implemented a unique methodology to collect reliable and accurate data. Guided by the research objective the extracted data from secondary sources including on-chain data platforms. During the research the company ensured that the day-to-day activities supported the attainment of the intended research objectives.

 At the preliminary data collection stage, extracted on-chain data from around 23 crypto exchanges. Based on the data obtained from the targeted crypto exchange, it was observed that 40% of the Bitcoin holders have also invested in Ethereum. 

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 Additionally, the crypto exchange used different parameters to estimate the number of crypto owners across the globe. Even though 2023 was not a suitable trading year due to the prolonged crypto winter, noted a 34% increase in its customer base.

Factors Undermining the Growth of the Crypto Industry

However, the study indicated that approximately 42% of the crypto investors neither invested in Bitcoin nor Ether. The research from echoes a similar study by Bitfinex to examine the number of crypto investors. 

The Bitfinex report demonstrated a growing demand for digital assets. In the latter, the Bitfinex team projected that active crypto users will reach 950 million in 2024.

The report outlined the challenges faced by the crypto die-hards in 2023. In particular the research underlined that the Western central banks’ regulation to hedge the biting inflation affected the entire crypto industry.

Also, the aftermath of the COVID-19 pandemic slowed the development of the crypto sector. The macroeconomic factors affecting the crypto industry forced the key industry players to explore practical ways to boost their performance.

Reviewing Current Development in the Crypto Sector

Last year, the team behind Ethereum launched the Shanghai upgrade to improve efficiency and reduce network transaction costs. The upgrade played a critical role in enhancing the network activity and propelled the price of Ether in a bullish direction. 

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Remarkably, the successful completion of the Shanghai upgrade motivated other developers to work on improving the crypto ecosystem. The developers are working around the clock to introduce the nonfungible token (NFT) to the blockchain network. 

The launching the BRC-20 and Bitcoin Ordinals has contributed significantly to the growth of the BTC. The crypto exchange noted that the development of the Bitcoin ecosystem attracted substantial interest among institutional and retail investors to invest in BTC. 

Bitcoin is believed to offer crypto enthusiasts a platform to conduct cheaper and faster transactions compared to the conventional method. Apart from this, the US Securities and Exchange Commission (SEC) recently approved the Bitcoin exchange-traded funds (ETF) resulting in the growing demand for BTC.

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Kimberly Crain

Kimberly Crain is a seasoned crypto trader and writer, offering valuable insights into the digital asset market. With expertise in trading strategies and a passion for blockchain technology, her concise and informative articles empower readers to navigate the evolving world of cryptocurrencies.

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