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Defi activity in the technological upgrade of bitcoin and ethereum after the merger drove global cryptocurrency usage above 500 million, according to a report by crypto.com.
According to the cryptocurrency exchange, cryptocurrency holders or users crypto.com/wp_media/2024/01/crypto-Market-Sizing-2023.pdf” target=”_blank” rel=”noreferrer noopener”>increase from 432 million to around 580 million worldwide, representing a growth of 34% in 12 months following advances in the two largest blockchains.
The number of bitcoin (btc) participants increased by approximately 33%, rising from 222 million at the beginning of last year to almost 300 million in December. According to the report, btc adoption skyrocketed primarily due to institutional interest and the arrival of btc spot ETFs from issuers like BlackRock.
btc spot ETFs received the green light on January 10 and recorded billions of trading volume in the first week after opening trading.
Additionally, the increase in signups and ordinals bolstered on-chain activity on crypto's largest decentralized network. Enrollments allow users to create assets similar to ethereum NFTs and ERC-20 tokens on the bitcoin blockchain.
BRC-20 tokens, as they are called, attracted demand and scrutiny alike after their debut in the first half of 2023. CoinGecko labels this category as a $2.7 billion market, and speculators predict further appreciation of the market capitalization during the year.
On the contrary, the developers questioned the new narrative, arguing that the inscriptions are a mistake, and even reported bitcoin Ordinals to US authorities.
ethereum (eth), the second-largest cryptocurrency network and asset, saw its ownership rise from 89 million to 124 million. This 39% increase represented approximately 21% of global owners. The Shanghai update, which unlocked Ether staking and allowed withdrawals, is a major factor attributed to this growth.
The upgrade was critical following ethereum's transition from its old proof-of-work model to a proof-of-stake design in the network's largest technology overhaul. ethereum's next upgrade, Dencun, is already in its testing phase and was recently deployed on the Georli testnet.
