Data: Global Cryptocurrency Holders Surge 6.4% in 2024 to Reach 617 Million
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Data: Global Cryptocurrency Holders Surge 6.4% in 2024 to Reach 617 Million
The main reason for the growth is significant developments in the BTC and Ethereum ecosystems.
Navigating Web3 tides with focused insightsSource: cryptoslate
Compiled by: Blockchain Knight
According to Crypto.com's latest market size report, the number of global crypto asset holders increased significantly in the first half of this year.
By June, the number of holders had risen from 580 million at the end of 2023 to 617 million, an increase of 6.4%.
The main drivers were key developments in the BTC and Ethereum ecosystems, particularly the launch of spot trading funds linked to these two digital assets.
BTC remains the dominant crypto asset, with holdings growing 5.9% to reach 314 million by mid-year, accounting for 51% of all crypto asset holders.
In contrast, Ethereum adoption grew faster, increasing by 9.7%, bringing the total number of Ethereum holders to 136 million, or 22% of the global market.
The report identifies two major events that boosted BTC adoption: the launch of spot BTC ETFs in the United States and the fourth halving of the flagship crypto asset in April, both playing crucial roles.
The halving reduced miner block rewards from 6.25 BTC to 3.125 BTC, reinforcing BTC’s appeal as “digital gold” and attracting strong institutional interest.
The report estimates that between 388,000 and 1.6 million individuals invested in BTC through U.S. spot ETFs, further accelerating BTC adoption.
Ethereum’s growth was primarily driven by the Dencun upgrade in March, which significantly lowered transaction fees on Ethereum’s Layer 2 networks. This upgrade enhanced Ethereum’s scalability, leading to a surge in L2 activity, which now accounts for approximately 90% of all transactions on the Ethereum network—up from 77% before the upgrade.
In addition, liquidity restaking protocols within Ethereum’s DeFi ecosystem pushed the total value locked (TVL) in DeFi to $100 billion in the first quarter, nearly doubling the previous quarter’s figure.
The report highlights strong growth in March and April, with monthly increases of 1.7% and 1.6% respectively, coinciding with the BTC halving and the Dencun upgrade.
During this period, institutional investors played a pivotal role in BTC’s continued growth, with U.S. spot BTC ETFs attracting over $14 billion in inflows by the end of June.
Ethereum also benefited from rising institutional interest, especially following the U.S. Securities and Exchange Commission (SEC) dropping its investigation into Ethereum and regulators approving spot Ethereum ETFs—both developments boosting investor confidence in Ethereum and the broader market. The initial surge in interest drove ETH prices to rebound to $3,900 before June.
Since their launch, spot ETFs have delivered strong performance, with BTC-linked funds breaking multiple records in the ETF market.
However, despite substantial market growth in the first half, BTC has struggled recently to break past its all-time highs due to increased selling pressure caused by macroeconomic tensions and worsening geopolitical conditions in the Middle East.
As of now, BTC is trading at $59,121, while ETH is trading at $2,612—both significantly below their peak levels reached earlier this year.
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