Report: Global Crypto Users Reached 580M by 2023

A new market sizing report by cryptocurrency exchange reveals that the number of cryptocurrency owners globally surged by 34% in 2023, moving from 432 million at the start of the year to 580 million in December. uses a unique approach for its on-chain market sizing estimates. This methodology combines on-chain data with a variety of criteria to determine the total number of crypto owners globally. Releases 2023 Market Sizing Report

Interestingly, the growth of crypto holders last year came amidst several macro-difficulties, such as the persisting effects of the pandemic and the monetary tightening measures taken by Western central banks to control inflation and hostilities in Europe and the Middle East.

As per the report, the number of users who owned ETH moved from 89 million to 124 million at the end of the year, while the number of people who owned Bitcoin increased from 222 million to 296 million during the same period.

Key Findings From the Report

The report notes that excitement surrounding the launch of Bitcoin exchange-traded funds (ETFs) and the launch of the Bitcoin Ordinals protocol were the primary drivers of BTC’s adoption growth. Institutional investors’ keen interest also played a role in the rise in the use of BTC. The interest of large players such as BlackRock and Fidelity in BTC led to the successful push for Bitcoin ETFs. 


Bitcoin ordinals were one of the breakout innovations of the crypto space in 2023. They allowed the minting of non-fungible tokens (NFTs) on the Bitcoin network. As of this writing, the Bitcoin network has over 54 million Ordinals inscriptions, and the total inscription fees paid have surpassed 5,473 BTC (US$257 million). Interestingly, the report attributes Ethereum’s impressive growth to liquid staking following Ethereum’s Shanghai Upgrade.’s report incorporates data from 23 cryptocurrency exchanges. The report also states that 42% of cryptocurrency users do not own any BTC or ETH in their portfolios, while 40% of Bitcoin owners also possess ETH.

Also, Q4-2023 was a significantly good period for both BTC and ETH, as the prices of both cryptocurrencies reached $44,000 and $2,400, respectively. Part of this price surge was fueled by the growing presence of investors in the market, anticipating Bitcoin and Ether ETFs.


Reacting to the report, Kris Marszalek, CEO of said: “This past year is another important foundational year for the entire crypto community. Once again, despite headwinds and challenges, the industry proved resilient and is well-positioned for mass adoption.”

How did Perform in 2023?

Crypto exchanges faced increased scrutiny from regulators across the world. Platforms such as Kraken, Coinbase, and Binance have faced multiple lawsuits from US authorities. However, had a significantly impressive year. The trading platform secured regulatory licenses and struck strategic partnerships.

The exchange secured its MVP Preparatory Licence and Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA) in 2023. It also secured a Major Payment Institution license from the Monetary Authority of Singapore (MAS). In addition, secured licenses from regulators in the UK, the Netherlands, and Spain. 


The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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