In light of crypto popularity, we brought you the top ten cryptocurrency statistics for 2023
Bitcoin was created in 2009. Since then, it has experienced massive growth. The amount of success that Bitcoin has achieved exposes the flaws in our traditional banking system. It has also brought about thousands of other cryptocurrencies known as altcoins. Several businesses around the world now accept various forms of cryptocurrency as a means of payment for goods and services. This article features the top ten most important cryptocurrency statistics for 2023.
As of 1st December 2022, the global crypto market cap is $858.43 billion
The crypto market is no longer a trillion-dollar market as its total market capitalization slides down to around $850 billion. Multiple crises throughout the year and sharp market volatility have clearly impacted investor confidence in cryptos.
Trading volumes of crypto investment products surge 127%
Digital asset investment products, including cryptocurrencies, saw a surge in trading volumes in November 2022. Trading volumes rose to $139 million, breaking the downward trend since the middle of the year. The FTX collapse is believed to have contributed significantly to this surge.
Confidence towards cryptocurrency is almost 100%
Over 60,000 respondents worldwide were asked about cryptocurrency and 97% of them consider digital assets, specifically cryptocurrency, as a safe and viable way of earning an income through investing.
67% of Millennials see Bitcoin as a safe haven asset
Globally, the majority of crypto owners are in the 18-34 age group followed closely by those in the 35-54 age group. The oldest age group accounts for only 12%, but their adoption is also slowly increasing.
Older generations are also showing interest
In the United States, 53% of crypto owners are ages 18-34, and 35% are 35-54. While millennials are the largest group to use crypto, adults in the bracket of 65 years and older are the smallest but the fastest growing group. The wariness toward crypto investing has waned, potentially due to major financial institutions now open to offering crypto as part of their investment options.
Bitcoin is still the most popular crypto
One crypto adoption index estimates US crypto ownership to be around 23.5 million. Of these crypto owners, around 36% have Bitcoin in their wallets. Ethereum still ranks second when it comes to popularity, with 29% of crypto owners having ETH in their portfolio. Other popular cryptos in the United States are Dogecoin (24%) and Cardano (17%).
Over half of crypto investors aim for income
According to Binance Research, about 52% of crypto investors are not doing it as a hobby; it’s a main source of income for most individuals who venture into the industry. In fact, about 15% consider crypto returns as their primary source of income.
Owners are comfortable with using crypto as money
As crypto owners continue to increase, it makes sense that digital assets become the mode for day-to-day transactions. Actual usage of crypto is at 38%, even though several owners still choose to hold their crypto assets (39%). By 2023, the transaction value of cryptos is expected to exceed $16 billion as more people use cryptos to make purchases.
Daily trading volume in crypto is down to $47.1 billion
At the end of November 2022, the 24-hour trading volume was at $47.1 billion. Granted, this is lower than the 2021 amount of $106.7 billion. But with more investors coming in, it’s highly likely that crypto will enjoy an increase again in the next few years.
Crypto owners prefer exchanges for their crypto assets
Buying crypto is made easier with exchanges, which is why they are the go-to for individuals who want to own and trade these digital assets. 60% of users keep their crypto within exchanges. The biggest reasons are because exchanges offer security (28%), are relatively user-friendly (25%), and support fiat-for-crypto or crypto-to-crypto transactions (23%).
Statista reports that of the 300 exchanges presently operating, Binance is the largest crypto exchange globally with $16.91 billion / 24-hour volume. Other major exchanges include Deepcoin, Hotcoin Global, Ecxx, and BiONE.