Despite many setbacks in 2022, the cryptocurrency industry has prevailed, thanks to increased interest among investors who continue to jump into the crypto majority, a trend that is likely to continue into 2023 as recent data reveals.
Claim: the number of crypto holders could double by 2023!
Specifically, according to a new report from crypto trading platform Crypto.com, in 2022, the number of crypto holders crossed the 400 million milestone and reached 402 million as of December 1, 2022, recording an average monthly adoption growth rate of 2.9%. Released on December 20.
Taking into account this growth rate and further advancing market conditions, the crypto exchange expects the number of digital asset holders to continue to rise and reach anywhere between 600 million and 800 million in 2023.
Crypto market growth. Source: Crypto.com
Growth in other crypto spaces
On top of that, analysts at Crypto.com noticed that a growing number of Web2 developers are showing great interest in Web3, and concluded that developers converging in the blockchain space will spur the growth of platforms that provide Web3 development tools.
Analyzing historical patterns, the study also observed sustained growth in the crypto market after each bear cycle, with market cycles lasting about four years, noting that “it is natural for market cycles to fluctuate between bearish and bullish periods.”
devastating 2022
However, as Finbold reports, a third of the total number of crypto projects that failed in 2022 received funding, including the now-bankrupt FTX exchange, bringing the total amount of these funds to about $3.5 billion.
Meanwhile, in one of the worst years in crypto history, the overall market cap has dropped by almost 65%, from $2.19 trillion on January 1 to just under $800 billion at press time. This is also over 70% off the all-time high of $2.82 trillion, which the crypto market reached in November 2021, according to data from CoinMarketCap dated Dec.
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