Cryptocurrency Growth Statistics
There are a number of reasons why cryptocurrencies are becoming increasingly popular around the world, not only with giant investors and venture capital firms but with the general public as well.
The heightened distrust in the traditional financial system and the exclusive power that financial institutions have over consumer funds are just some of the reasons. There’s also the high inflation rates, unstable economies, and lack of privacy. Not to mention the impractical cross-border payment system.
This guide looks into the hows and whys of the crypto market development and gives you an overview of the most important cryptocurrency growth statistics.
Cryptocurrency Wallet Growth 2019
The growing demand for crypto wallets indicates that the number of crypto-traders has been going up in recent years.
According to Statista, at the end of 2016, there were almost 11 million blockchain wallets available across various providers worldwide. In 2019, that number had climbed to over 40 million wallets.
Number of Blockchain wallet users worldwide from 3rd quarter 2016 to 4th quarter of 2019 (in millions). Statista.
This graph only shows the wallets created by Blockchain.com, a renown wallet provider which supports major cryptocurrencies like Bitcoin (BTC) and Bitcoin Cash (BCH). If we look at their official data, as of April 2020, the number of blockchain wallets amounts to 47 million!
The total number of unique Blockchain.com wallets created. Blockchain.com.
While it’s hard to estimate the exact number of crypto wallets across the globe, these graphs can give us some insights into the nature of the crypto market itself.
For example, at the end of 2017, there was a slight surge in the demand for digital wallets which coincides with the price fluctuations of the most popular cryptocurrency, Bitcoin. Namely, in December 2017, Bitcoin hit its all-time high of $19,89!
Cryptocurrency Adoption by Country
Since 2017, Statista has been conducting an annual Global Consumer Survey that covers a broad scope of trend topics ranging from finance, travel, gaming, health, gender, smartphone brands, etc. It’s like an online analysis tool that people can use in their own research.
Statista has collected data from around 400,000 consumers from 46 countries, and found the following results in regards to the use of cryptocurrencies:
Global Consumer Survey, Update 2019. Statista.
The main reason for the wide adoption of cryptocurrencies in Turkey has been the unexpected devaluation of their native fiat currency, the Turkish Lira. This has resulted in a sudden major investment in Bitcoin, especially by young people aged 20-25. It remains to be seen whether Bitcoin can be a long term solution for the foreseen collapse of their financial system.
Next comes Brazil, a country that has turned to crypto in an age of increased government corruption and high inflation rates. It’s a market that we should keep a close eye on, especially since Brazil is the fifth largest country in the world.
However, what about the general awareness about the use of cryptocurrency in the world? A survey by Dalia Research from 2018, shows an encouraging upward trend:
The results shown are based on a survey of 29,492 internet-connected respondents from the US, the UK, Germany, Brazil, Japan, South Korea, China and India conducted by Dalia Research in March 2018. DaliaResearch.
Cryptocurrency Growth Forecast
One of the leading market research and analysis companies, Azoth Analytics, published a research report in 2019 on the state of the cryptocurrency market and its future development. Their calculations showed that for 2018 only, the market value was 856.36 billion US dollars!
The researchers were positive that in the course of the next five years, or during 2019-2024, the global cryptocurrency market is bound to experience a compound annual growth rate (CAGR) of up to 11.9%.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.