Bitcoin ATMs Grow for Ten Months in a Row; Over 5,600 New Devices Installed Since July 2023
May 12, 4:43 pm
After seeing their total number plunge by almost 7,000 in the first half of 2023, the biggest drop in the crypto market's history, Bitcoin ATMs are enjoying renewed popularity among users worldwide, fuelled by crypto`s impressive performance in 2024.
According to data presented by AltIndex.com, the number of Bitcoin ATMs has been continually growing over the past ten months, with more than 5,600 new devices installed since July 2023.
Only 1,600 Bitcoin ATMs Less than at the Market Peak in December 2022
So far, 2024 has been a fantastic year for Bitcoin ATMs, with crypto's price rally driving demand for these devices. The surge in the number of BTMs comes after a challenging 2023 when the market volatility and the controversies about their potentially criminal use caused their total number drop to 2021 levels.
After reaching an all-time high of more than 39,100 in December 2022, the number of Bitcoin ATMs continually fell throughout the first half of 2023, causing a massive 7,000 plunge in just six months, the worst this market has ever seen. More than half of that decline happened in July, with the number of Bitcoin ATMs falling by more than 4,000 that month alone, the highest number in the market`s history. However, the following months brought the opposite trend, with the number of new Bitcoin ATMs rising ever since.
Statistics show that September and October 2023 both saw roughly 1,000 new BTMs, the figure last seen at the beginning of 2022. Although the number of new installations dropped to between 300 and 700 per month in 2024, the total number of these devices still hit over 37,500 last week, or 1,600 less than at the market peak in December 2022.
US Market Fuels the Bitcoin ATM Installation Growth
The CoinATMRadar data also showed that most of the Bitcoin ATM growth seen in the past ten months came from the United States. In fact, more than 75% of all newly installed devices, or 4,200, were placed in the US cities. Statistics show Americans could use over 31,000 crypto ATMs as of last week, up from 26,800 in July last year. That also means over 80% of all Bitcoin ATMs are installed in the United States.
Moreover, the US market counts nineteen times more Bitcoin ATMs than Europe, which had around 1,600 of these machines as of last week, only 156 more than ten months ago. Asia has by far the smallest number of ATMs supporting cryptocurrencies, or less than 350, the same number as last year.
Market statistics reveal that the top ten operators hold a significant 70% share of all crypto ATMs, with the remaining 30% distributed among 474 operators. Bitcoin Depot leads the pack with a 20% market share and a network of over 7,500 Bitcoin ATMs. Coinflip follows closely with a 13% market share and 4,870 ATMs. Bitstop, RockItCoin, and Athena Bitcoin each hold a 6% market share, showcasing the competitive nature of the Bitcoin ATM industry.
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