It’s 2024. How close are we to crypto mass adoption?

The old narrative of Mass Adoption and simplified user experience has been re-launched and has become the central topic during this Brussels EthCC

10 pictures quickly understand the current Web3 adoption speed, challenges, user preferences, and see how far away my grandma is from entering the market↓

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Since Bitcoin was launched in 2009, the number of global cryptocurrency holders has surged to about 560 million in the past fifteen years?

This growth rate far exceeds the growth rate of the largest traditional payment networks in the past five years

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Only 6.8% of people in the world hold cryptocurrency. According to Triple A's research, the number of cryptocurrency holders grew 33% to 420 million in 2023

Of these holders, 34% are aged 24-35

Count me in

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Asia led the growth in the number of holders, increasing by 21.8% from 268.2 million to 326.8 million

This growth highlights the important role that Asia plays in shaping the cryptocurrency landscape

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However, the figure of 560 million is a bit exaggerated, and it also includes users who hold assets in centralized exchanges (CEX) or other digital asset custodians

According to on-chain indicators, as of 2024, the total number of monthly active addresses of the Top20 Layer1s has just exceeded 75 million

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Even if the monthly active addresses of the most popular Layer2s are included (slightly less than 20 million), the total number of users on all mainstream chains is only about 100 million

It may also be counted twice due to multiple addresses for one person

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Through the Bitcoin new address indicator, it can be found that the monthly growth rate of new addresses has slowed down to the level of 2018. This indicates that on-chain activity is shrinking, which is a typical manifestation of the decline in network fundamentals

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The main driver of the surge in crypto users may be the approval of the Bitcoin ETF at the beginning of this year

Among non-crypto users, 21% said that this approval had a positive impact on their investment decisions

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Although Crypto acceptance has been increasing this year, 44% of non-crypto users still say they will never buy cryptocurrency, mainly due to unstable value and lack of government protection

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Obviously, speculation is still the main way to play Web3 and Crypto, but the average portfolio performance of new Web3 users entering after 2021 is often in the red

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PS: Interestingly, according to a 2023 study by Buy Bitcoin WorldWide, the third most popular cryptocurrency among crypto investors is $DOGE

The ranking may not include stablecoins such as USDC and USDT

Personal thoughts: Although the recent US government's friendly attitude towards cryptocurrencies may affect the increase in crypto users, "stories" like $DOGE's thousand-fold increase can truly stimulate the interest of users outside the circle

So should the crypto market value soar first, or should users adopt it first? It's as thought-provoking as "which came first, the chicken or the egg."

However, what is certain is that Web3 in 2024 is still in its "early" development.