Crypto Usage Surges 34% in 2023 Fueled by Bitcoin and Ethereum Milestones

Crypto Usage Surges 34% in 2023 Fueled by Bitcoin and Ethereum Milestones

A report reveals that global crypto usage exceeded 500 million, experiencing a remarkable 34% growth in 2023, attributed to significant developments on the Bitcoin and Ethereum blockchains.

According to the report, cryptocurrency users worldwide increased from 432 million to approximately 580 million within 12 months. Bitcoin (BTC) played a pivotal role in this surge, with the number of BTC participants expanding by 33%, soaring from 222 million at the beginning of the year to nearly 300 million by December. The report credits BTC’s adoption boom to institutional interest and the approval of spot BTC ETFs, notably from issuers like BlackRock. Spot BTC ETFs, given the green light on January 10, generated billions in trading volume within the first week of trading.

On the Bitcoin blockchain, the introduction of inscriptions and ordinals strengthened on-chain activity, allowing users to create assets akin to Ethereum NFTs and ERC-20 tokens. Known as BRC-20 tokens, this category has become a $2.7 billion market, drawing both demand and scrutiny. Developers, however, raised concerns, labeling inscriptions as a bug and reporting Bitcoin Ordinals to U.S. authorities.

Ethereum (ETH), the second-largest crypto network and asset, witnessed a surge in ownership from 89 million to 124 million, marking a 39% increase and representing approximately 21% of global owners. The Shanghai upgrade played a crucial role in this growth, unlocking staked Ether and enabling withdrawals. This upgrade was a significant milestone in Ethereum’s transition from a proof-of-work to a proof-of-stake design. Ethereum’s upcoming upgrade, Dencun, is currently in the testing phase and has recently been deployed on the Georli testnet, setting the stage for further advancements in the network.

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