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Number of crypto owners could double to 800 million in 2023 despite dull 2022 – Report

Number of crypto owners could hit 800 million milestone in 2023, study reveals

Despite the multiple setbacks suffered during 2022, the cryptocurrency industry has prevailed thanks to the rising interest among the investors who continue to jump on the crypto bandwagon – a trend that is likely to continue in 2023, as recent data has revealed.

Specifically, the number of crypto owners in 2022 has surpassed the 400 million milestone and standing at 402 million as of December 1, 2022, recording a monthly average adoption growth rate of 2.9%, according to the new report by crypto trading platform Crypto.com published on December 20.

Taking into account this growth rate, and depending on the market conditions going further, the crypto exchange expects the number of digital asset owners to continue to grow and reach anywhere between 600 million and 800 million in 2023.

Crypto market growth. Source: Crypto.com

Growth in other crypto areas

On top of that, analysts at Crypto.com have noticed an increasing number of Web2 developers showing massive interest in Web3, concluding that developers gathering in the blockchain sphere would stimulate the growth of platforms providing Web3 development tools.

Analyzing historical patterns, the study also observed a sustainable growth of the crypto market after each bear cycle, with market cycles lasting approximately four years, noting that it is “natural for market cycles to fluctuate between bearish and bullish periods.”

Devastating 2022

That said, out of the total number of crypto projects that failed during 2022, one-third had received financing, including the now-bankrupt FTX exchange, bringing the total amount of these funds to about $3.5 billion, as Finbold reported.

Meanwhile, during one of the worst years in the history of crypto, its total market cap has sunk by almost 65%, dropping from $2.19 trillion on January 1, to below $800 billion at press time. This is also a loss of over 70% from the crypto market’s all-time high of $2.82 trillion it had reached in November 2021, as per CoinMarketCap data from December 28.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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