The Use of Cryptocurrency Increased by 34% in 2023, Driven by Bitcoin and Ethereum
According to recent reports, the utilization of cryptocurrencies experienced a significant increase of 34% in the year 2023, with Bitcoin and Ethereum serving as the main driving forces. This growth is evident in the image provided by crypto.news, showcasing a blurred hologram of Bitcoin and Ethereum in a cyberpunk-style setting with vibrant neon colors.
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According to a report from Crypto.com, the merging of Bitcoin and Ethereum's technological advancements has led to a surge in global crypto usage, surpassing 500 million users. This increase in usage can be attributed to the rise of Defi activity within the two platforms.
As per the report from the crypto exchange, the number of individuals holding or using cryptocurrency rose from 432 million to approximately 580 million globally, representing a 34% increase in a span of 12 months due to advancements on the top two blockchains.
The amount of individuals involved in Bitcoin participation increased by approximately 33%, going from 222 million at the beginning of the previous year to approximately 300 million by December. According to the report, the adoption of BTC experienced a significant surge largely due to the interest of institutions and the launch of spot BTC ETFs by companies such as BlackRock.
According to recent news, the SEC has granted approval for Spot BTC ETFs on an accelerated basis on January 10th, resulting in billions of dollars in trading volume during the initial week of trading. This development has been widely discussed as it paves the way for potential future growth in the crypto market.
Furthermore, the increase in the use of inscriptions and ordinals has further enhanced on-chain transactions within the biggest decentralized network in the world of cryptocurrency. With the help of inscriptions, individuals can now generate assets that are similar to Ethereum's NFTs and ERC-20 tokens on the blockchain of Bitcoin.
According to the CEO of Grayscale, many spot Bitcoin ETFs are not expected to endure, as reported by crypto.news. The likelihood of survival is low for the majority of these ETFs.
In the initial six months of 2023, the introduction of BRC-20 tokens generated both interest and examination. According to CoinGecko, this segment is valued at $2.7 billion, and investors are anticipating an increase in market capitalization throughout the year, as reported by speculators on.
On the other hand, the new narrative has been challenged by developers who claim that inscriptions are a flaw. They have also brought their concerns to the attention of U.S. authorities by reporting about Bitcoin Ordinals as a cybersecurity threat
The number of owners for Ethereum (ETH), the second largest network and asset in the cryptocurrency world, has risen from 89 million to 124 million, marking a 39% increase. This growth represents approximately 21% of all global owners. The recent Shanghai upgrade, which enabled staked Ether and withdrawal options, is considered a significant contributor to this surge in ownership.
The recent update was crucial as Ethereum shifted from its previous proof-of-work system to a proof-of-stake approach, which was the network's biggest technological revamp. The upcoming upgrade for Ethereum, known as Dencun, is currently being tested and has recently been implemented on the Georli testnet.
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