Key takeaways
- Crypto.com’s Market Sizing report highlights that over half a billion people around the world now own cryptocurrency
- There was a steady rise in the monthly rate of adoption during H1 2023
- Bitcoin Ordinals, Ethereum Shangai, and Blackrock ETF are considered key catalysts for rising crypto demand
Crypto.com has released its bi-annual Crypto Marketing Sizing report and found that the total number of crypto owners grew from 425 million to 516 million during the first 6 months of 2023.
This marks a major milestone for the crypto industry, which has now achieved over half a billion users for the first time.
Crypto.com’s methodology considers a number of blended parameters alongside on-chain data to determine the final statistics. The methodology is designed to counteract any difficulties with analyzing single-factor metrics such as active wallet addresses or KYC verifications, which can often misrepresent the true number of unique individuals that own cryptocurrency.
Crypto.com primarily considers Bitcoin and Ethereum ownership, which grew 22% and 21% respectively, before cross-referencing the findings with on-chain data to determine the overall statistics. The report highlights that the Bitcoin Ordinals Protocol and the Ethereum Shangai Upgrade can be seen as key catalysts for rising adoption in 2023.
As has been the case in previous market sizing reports for crypto ownership, the months that saw the highest gains in total users typically followed the months where Bitcoin and Ethereum saw the greatest price appreciation.
After significant price rises for Bitcoin during the months of January and March, the total number of crypto users grew the fastest in February, April, and May.
| Month | % Change (Bitcoin Price) | % Change (Total Users) |
|---|---|---|
| January | ||
| February | ||
| March | ||
| April | ||
| May | ||
| June |
As referenced by Crypto.com, a relative increase in adoption rates during the months of February and April follow the launch of Bitcoin’s Ordinals Protocol, which launched in January, and Ethereum’s Shangai Upgrade, which launched in March. Each of these catalysts caused a spike in network activity for their respective blockchains.
In June, Blackrock announced that it had filed an application to the SEC, seeking to gain permission to offer a crypto ETF to its customers. This was followed by several other institutions filing a similar application request, which Crypto.com highlights may have caused a sharp rise in institutional adoption for both Bitcoin and Ethereum.
Price action reflects an increase in demand during the month of June, where Bitcoin rose 25% from its monthly low and Ethereum climbed 20%.
What is Cronos (CRO)?
Cronos (CRO) is the native cryptocurrency for the Cronos blockchain, which was developed by Crypto.com. CRO is designed to facilitate transactions on a fast and secure blockchain network that can support the development of custom decentralized applications (dApps).
Cronos is a highly scalable blockchain network that enables users to participate in a wide variety of blockchain use cases — ranging from play-to-earn games to borrowing and lending protocols that each utilize EVM-compatible smart contracts.
Crypto.com now supports over 80 million customers worldwide, while the Cronos blockchain has over 800,000 active users, 300 custom dApps, and was processing 480,000 transactions per day according to a September 2022 report.
CRO price prediction
The CRO price is $0.0588 at the time of writing. This is forecasted to increase by 4.6% to $0.0626 over the coming 30-day period, according to the CoinCodex price prediction algorithm.
To find out where the CRO price could rise over the long term, check out the CRO price prediction for 2040 and 2050.
Source: https://coincodex.com/article/30868/number-of-global-crypto-owners-grew-194-in-h1-2023-according-to-cryptocoms-market-sizing-report/