Cryptocurrencies continued to increase throughout the complex 2022 for the entire ecosystem. The first finding from the analysis that stands out is the 39% increase in crypto active users. The number of cryptocurrency users increased 40% in 2022.
Owners of virtual assets increased from 306 million in January 2022 to over 425 million in December, the research said. The “extraordinary increase” occurred in the months of August and September, which fell on September 15 of 2022, the day of The Merge of Ethereum.
Discriminating the two most popular cryptocurrencies, the result is the following:
- Bitcoin (BTC) owners grew 20% , from 183 million in January to 219 million in December, representing 52% of global owners.
- Ethereum (ETH) owners grew 263% , from 24 million in January to 87 million in December, representing 20% of global owners.
The number of cryptocurrency users increased 40% in 2022
According to the exchange, the Merge served as the primary impetus for Ethereum’s rapid acceptance growth. The switchover from a Proof of Work to a Proof of Stake consensus mechanism was completed due to this event. The adoption of Ethereum also benefited from institutional investors’ interest and the success of ETH liquid staking.
The adoption rate of Ethereum increased from 8% to 20%, according to the research, over the previous 12 months. Furthermore, even if it steadily decreased to 52% in December, the adoption rate for Bitcoin stayed at 62%.
Projections of cryptocurrencies and Web3 in 2023
Research predicts that by 2023, usage of cryptocurrencies will have doubled while taking the state of the market into account. By 2023, the projected number of owners worldwide would be between 600 and 800 million.
The business observes that the use of cryptocurrencies has continued to expand. The 402 million thresholds for cryptocurrency owners were attained in the most recent few months. That also applies to other Web3 products’ use cases.
These NFTs are tied to an individual or entity, which are non-transferable and/or tradable, with the goal of representing the social identity of the holder. The adoption of SBT can lead owners towards a decentralized society (DeSoc) or determined sociability, where souls and communities come together in a bottom-up way.”
Regarding Web3, the exchange anticipates a greater influx of Web2 developers. This action will encourage the expansion of businesses that offer Web3 development tools. In the next years, it will be able to witness the expansion of several AAA titles in the blockchain gaming industry. The use of blockchain technology will result in new experiences with high-performance games.
“A growing focus for 2023 will be security and user education. We may see more platforms investing in security audits and certifications, as well as educational initiatives.”
The business also stated that more advances are anticipated in the following fields: institutional acceptance of cryptocurrencies, new blockchain infrastructures, ZK proof adoption, more utility-based DeFi apps, and the upgrading of the Ethereum network in Shanghai.