January 12, 7:36 am
Cryptocurrencies have had a fantastic year, with all the largest cryptos seeing double and triple-digit price growth. The 2023 price rally drove impressive trading activity in the crypto space and caused a surge in the total number of crypto users.
According to data presented by AltIndex.com, the number of people using cryptocurrencies as a payment method or investment hit 670 million last year. This figure is expected to jump by a further 25% and hit over 830 million in 2024.
Cryptocurrencies made a serious comeback last year, surprising many investors who claimed the crypto market was dead. After a brutal 2022, which spooked investors and wiped hundreds of billions of dollars from the market, the 2023 price rally rebuilt confidence in crypto, drawing more crypto users than ever.
Between 2020 and 2022, more than 350 million people worldwide started using cryptos as a payment method or investment, according to a Statista survey. The mass adoption of digital assets continued last year despite challenging economic conditions and the headwinds the crypto industry faced.
During 2023 alone, the number of crypto users jumped by a massive 57% year-over-year and hit 670.5 million globally. Statistics show the global crypto user base will continue growing in 2024, although slower than in previous years.
Statista expects around 160 million people to flock to crypto this year, pushing the total number of users in the market to a whopping 833.7 million, almost 15 times more than just five years ago. By 2028, the crypto industry is expected to hit a huge new milestone with nearly one billion users worldwide. The global crypto ownership rate will also increase in this period, rising from 10.76% to 12.39%.
In global comparison, India remains the world's largest and fastest-growing crypto nation, with the biggest share in the global crypto user count. The country has seen a significant rise in crypto investors in recent years, driven by a growing, well-educated middle class combined with a less-developed traditional financial system.
Last year, there were 206 million crypto users in India. Statista expects this figure to grow by 30% and hit almost 270 million in 2024, meaning that every fourth crypto user in the world will be from India. Also, that means that India will count more crypto users than the next seven largest crypto nations combined.
Although most of the total crypto transaction value comes from the US market, Americans are far behind India in crypto usage. Statistics show the US market will reach 87.7 million crypto users in 2024, or 18% more than last year. Brazil, Indonesia, and Russia follow with 46.4 million, 40.8 million, and 32.8 million users as of this year. That is much more than Europe`s largest crypto nations, the United Kingdom and Germany, expected to hit 20.1 million and 17.2 million users in 2024, respectively.
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The information provided by AltIndex is solely for informational purposes and not a substitute for professional financial advice. Investing in financial markets carries inherent risks, and past performance doesn't guarantee future results. It's crucial to do your research, consult with financial experts, and align your financial objectives and risk tolerance before investing. AltIndex creators and operators are not liable for any financial losses incurred from using this information. Users should exercise caution, seek professional advice, and be prepared for the risks involved in trading and investing in financial assets, only investing what they can afford to lose. The information in this application, derived from publicly available data, is believed to be reliable but may not always be accurate or current. Users should verify information independently and not solely rely on this application for financial decisions. By using AltIndex, you acknowledge that it doesn't offer financial advice and agree to consult a qualified financial advisor before making investment decisions.
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