In 2023, the number of cryptocurrency users worldwide grew by 34% — reaching 580 million people

According to the cryptocurrency-focused resource Forklog, citing data from Crypto.com, the number of users of various cryptocurrencies increased by 34% in 2023, from 432 million to 580 million people. Experts estimate the potential for further market growth as significant. The highest user growth rates over the past year were observed in April and May.

The most significant increases in the number of holders were seen with the most well-known cryptocurrencies — Bitcoin and Ethereum — with growth rates of 33% and 39%, respectively. In absolute numbers, the number of holders of these coins reached 296 million and 124 million. However, analysts acknowledge that their data may contain significant errors despite the updated methodology, which includes surveys, as well as blockchain data and network statistics. Nevertheless, even accounting for potential errors, it is clear that the cryptocurrency market is growing. While another mining boom is not expected anytime soon, the industry has largely recovered from shocks like the collapse of the major exchange FTX and the failure of the Terra/Luna algorithmic stablecoin.