BITCOIN NEWS: Cryptocurrency Brace for Impact, Shocking BLACKROCK ESG statement, SEC Runs Wild *NOW*

BITCOIN NEWS: Cryptocurrency Brace for Impact, Shocking BLACKROCK ESG statement, SEC Runs Wild *NOW*



BITCOIN NEWS: Cryptocurrency Brace for Impact, Shocking BLACKROCK ESG statement, SEC Runs Wild *NOW*

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The rate of cryptocurrency adoption is growing at an exponential rate. As the market gets more mature, more and more users are jumping onto the crypto train and increasing the global rate of crypto ownership.

According to the latest report from Crypto.com, we are currently on track to reach 1 billion crypto users by the end of 2022.
Adoption grows despite the onset of a bear market
The growing push towards cryptocurrencies has been steadily increasing in the past few years. And while the retail market has always been the one driving this adoption, this year we’ve seen massive institutional efforts as well.

El Salvador’s groundbreaking Bitcoin law was a cherry on top of an entire year of companies and financial institutions jumping aboard the crypto train.

All of this has translated into a significant increase in the number of crypto users. According to data from Crypto.com, there were 295 million crypto users globally as of December 29th, 2021. And while this number is just an aggregate of all of the users (cross-checked for double addresses) across two dozen centralized exchanges, it’s still a fairly good representation of the market.

Last year, the number of crypto users has almost tripled, increasing from 106 million in January to 295 million in December. If we see the same rate of increase in 2022, we are on track to reach 1 billion users by the end of the year.
This rate of increase in the number of crypto users will have a significant effect on the market. As of 2022, around 176 million global crypto users, or just under 60%, own Bitcoin. Only around 23 million own Ethereum, but 23% of the entire user base own both Bitcoin and Ethereum.

We’ve seen the biggest month-on-month growth of crypto users in August last year when the number of users grew by 15.2% when compared to the previous month. This increase in the number of users was partly responsible for Bitcoin’s stellar performance in the following months, peaking in November when it reached its ATH of $69,000.

The 15.2% growth rate we’ve seen in August was hard to replicate in the following months—MoM growth rates in September and October 2021 were just 1.1% and 2.1%, respectively.
Despite this, Bitcoin continued to capture the largest part of the crypto market—both in terms of market capitalization and the number of users. In July 2021, just under 56% of all crypto users owned Bitcoin. This market share continued to grow until October when it reached 63%. Once Bitcoin touched its ATH and began its two-month-long drawdown, its market share decreased to 60%.

When it comes to Bitcoin’s market capitalization, it too began to decrease at the beginning of November 2021, falling below 40% at the end of the year. If this downtrend was to continue in 2022, we could see its dominance drop to historical lows.

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