Cryptocurrency Statistics 2024: Growth, Trends, and Market Analysis
Barry Elad
Updated · Nov 30, 2024
Unless you have been living under a rock, you have heard of cryptocurrencies before. You might even know a person or two who uses cryptocurrencies for trading or day-to-day transactions. But have you ever thought of what is driving the cryptocurrency ecosystem and market in 2024? If you want to refresh your memory and stay up-to-date, you might want to check out this article on cryptocurrency statistics in 2024.
Essential Cryptocurrency Statistics
Let’s find some basic yet fundamental statistics and facts about cryptocurrencies.
- It is reported that the idea of cryptocurrencies was the result of the Great Recession. This pushed the makers of Bitcoin to move forward with the white paper.
- The core idea behind cryptocurrencies was to enable transactions without central banks. Blockchain was used to establish a system with a decentralized structure.
- Bitcoin is the first cryptocurrency, and it was launched in 2009. The first ever Bitcoin transaction was used to order two pizzas from Papa John’s.
- Satoshi Nakamoto is considered the key person behind Bitcoin, and his white paper on the same was published in 2008. However, Nakamoto’s identity has remained anonymous.
- The first blockchain was also launched alongside Bitcoin in 2009.
- In its beginning phase, Bitcoin had a value of less than $1. It took two years to reach the milestone of more than $1.
- The highest-ever value of Bitcoin was $73,000, but it has come down since. Bitcoin is responsible for 50% of the cryptocurrency market value.
- With the increasing popularity of cryptocurrencies, the number of crypto ATMs has also increased. It is reported that there are over 40,000 crypto ATMs across the world.
- Many countries across the world have banned banks from working with cryptocurrency exchanges and other intermediary institutions, stunting the widespread adoption of these digital currencies.
- In 2022, the size of the Bitcoin blockchain crossed the 415GB mark, indicating the sheer number of transactions happening on that blockchain.
Cryptocurrency Market Statistics
How big is the cryptocurrency market? What does its future look like?
- The market capitalization of cryptocurrencies at the global level has passed the 2.5 trillion dollar mark, and Bitcoin is an important part of this milestone.
- Bitcoin alone has contributed a market capitalization of $1.44 trillion.
- According to previous forecasts, the cryptocurrency market will reach a projected figure of $343.5 million in 2024, which converts into a CAGR of 7.99%.
- This market is expected to grow further and reach a milestone of $467.2 million by the end of 2028.
- People involved in the cryptocurrency market are expected to have received an average revenue of $1.3 million as of 2024.
- The United States is the biggest beneficiary of these revenues, with a whopping $23,2200 million. It is also projected that the revenue numbers will continue to rise in the coming years.
- Cryptocurrencies are so popular in the United States that 14% of all US adults own or have owned a Bitcoin at a point. Within this demographic, 26% of millennials in the US own Bitcoin.
- Even though Bitcoin started the journey alone, the crypto market is now home to more than 21,000 cryptocurrencies. These are currencies you can use, and the number does not include other crypto-based assets.
- While Bitcoin still dominates the cryptocurrency market, other cryptocurrencies like Ethereum and Tether are right behind. However, no other currencies have changed their dominance over these three.
- The daily average volume of cryptocurrency trading is $116.61 billion. Bitcoin is responsible for half of these transactions.
- As of Q2 2024, the spot trading volume on centralized crypto exchanges reached a milestone of $3.4 trillion, but this number declined by 12.2% from Q1 2024.
- It is also worth noting that Bitcoin faced value loss in the same quarter. The closing value of Bitcoin in Q2 2024 was $62,734, marking a 11.9% difference from Q1 2024.
- With many countries lifting their ban on cryptocurrencies and exchanges, the cryptocurrency market is blooming in developing spaces.
- Global players like Bitcoin and alternative options like Dogecoin have found popularity in the Indian crypto space, for instance. It is a potential market for blockchain applications as well.
- Asia is a booming cryptocurrency market, especially considering the number of new investors in cryptocurrencies and other assets.
Cryptocurrency Usage Patterns and Statistics
Here are some insights on how cryptocurrency is used by people around the world and within these smaller communities.
- The global adoption rate of cryptocurrency is only 4.2%, but these are great numbers, considering how groundbreaking decentralized finance is.
- The number of adults who own cryptocurrency is the highest in the Asian continent. However, when we consider individual countries, the top position is taken by the United States, where 14% of adults own Bitcoin or other cryptocurrencies.
- In Europe, on the other hand, the percentage of cryptocurrency-owning adults is at a lower 9%.
- People who belong to the 25-34 range are the most likely to own a cryptocurrency like Bitcoin or ETH.
- Within these communities, 63% of cryptocurrency-owning individuals are male, whereas the other 37% are female.
- There are also differences in how these people use cryptocurrency. For 60% of the community, their cryptocurrencies are a form of investment looking for future benefits.
- Among the other 40%, 10% use cryptocurrency for remittances, especially at international levels. For the other 30%, cryptocurrency is a viable currency for transactions.
- Even though the US and the Asian continent dominate the cryptocurrency market, neither of these places has the highest crypto adoption rate. That spot is secured by Nigeria, where 32% of internet users have invested in a cryptocurrency.
- Many surveys have revealed that the average percentage of cryptocurrency investments in portfolios is 10%. Once again, the number is high considering the decentralized nature of these currencies.
- Unlike centralized currencies, the average value of crypto transactions is high. It is recorded at $150.
- Only 55% of transactions done through cryptocurrencies are less than $100.
- The usage patterns also vary based on the purpose. For instance, 25% of crypto owners use stable coins for regular transactions. On the other hand, 35% rely on cryptocurrencies to enable lower-fee cross-border transactions.
- Crypto debit and credit cards are also becoming popular, with 10% of users acknowledging the use of the same.
- 25% of crypto-owners use cryptocurrency for trading on a daily or weekly basis.
- 20% of owners make use of crypto transactions to purchase products and services online.
- Lending and borrowing services within cryptocurrency markets are also popular, with 8% of active users involved.
- The use of cryptocurrencies has also become popular for NFT transactions and gaming platforms. In the second-highest position, we have NFT transactions with 12% of users. At the top, people use crypto assets and currencies for in-game purchases and metaverse purchases.
- A higher percentage of crypto owners use cryptocurrency as a measure to improve privacy.
- 65% of cryptocurrency owners make use of mobile wallets, making them the most popular way to transact via blockchain.
- On the other hand, 15% of the population prefers hardware wallets, which offer advanced security. In these numbers, one should also account for exchange wallets, which 55% of crypto owners use.
Cryptocurrency Security and Cyberattacks
The security of cryptocurrencies and blockchain protocols has become a controversial topic in the past decade. The number of these attacks has increased, and there are consequences in usage patterns.
- Surveys have indicated that 11% of users have come across crypto scams. These scams have doubled or tripled in number in the past decade.
- In 2023 alone, people lost cryptocurrency assets worth $3.2 billion. However, there have only been 50 major security incidents in 2023, indicating that the volume of value lost is higher.
- There have been multiple ransomware attacks that demanded payment through cryptocurrencies, leveraging the privacy offered by these transactions.
- Almost 9 out of 10 centralized exchanges have implemented multi-factor authentication instead of conventional two-factor authentication.
- Decentralized exchanges have gone the extra mile by implementing advanced security protocols, but these protocols have also been vulnerable in the past.
- It is reported that every security breach affecting crypto exchanges results in an average loss of $30 million.
- More importantly, 1 in 4 cryptocurrency exchanges have experienced at least one security threat that led to the loss of assets.
- Due to this increasing number of threats, many users have resorted to hardware wallets, which lets one store cryptocurrencies in proximity.
- Mobile wallets have also become the victim of threats, with each wallet hack causing an average loss of $10,000.
- In 2023, there were 2,500 reported wallet hacks. The number of non-reported incidents may be high, considering the breadth of these attacks.
- As a result of these happenings, 65% of users prioritize security the most when choosing a crypto platform or exchange.
- However, it is a little ironic to find that only 40% of crypto owners use two-factor authentication on their accounts.
- There have also been incidents where users have forgotten the private keys, thus having to abandon the cryptocurrency assets. The average percentage here is 5%.
- These security incidents have attracted attention from governments and other regulatory entities. For instance, over 100 countries have set up concrete frameworks for cryptocurrency security.
- In 2023, there were 150 instances where cryptocurrency exchanges were fined for their lapse in core security measures.
- The overall value of fines paid in this regard goes behind $500 million.
- Even then, only 3 out of 10 cryptocurrency exchanges in the world comply with ISO 27001 standards, which are the international norm.
- Security attacks targeting cryptocurrency exchanges are so stealthy that most exchanges take up to 48 hours to detect the issue in the first place.
- A security breach of a crypto exchange can lead to up to 80% of asset loss, meaning that only 20% of the value can be recovered.
- Only 15% of surveyed users have reported that they recovered the entirety of their investment after a breach.
Cryptocurrency Mining Statistics
Cryptocurrency mining has also become a topic of concern in the past years.
- Bitcoin also dominates the cryptocurrency mining market for obvious reasons. It is reported that Bitcoin takes 65% of the mining market.
- In the second place, one can find Ethereum, which is responsible for 20% of the market activity. The other cryptocurrencies have a combined share of only 15%.
- As per the latest statistics, the cryptocurrency mining market has a total value of $2 billion, and it has a projected CAGR of 6% between 2024 and 2028.
- Even though the average cost to mine a Bitcoin is $15000, experienced Bitcoin miners have reported an average daily revenue of $40 million.
- For Ethereum miners, the average daily revenue is $10 million. However, regulatory entities are more concerned about how these mining tasks are done.
- It is reported that only 39% and 20% of Bitcoin and Ethereum were mined using renewable energy sources, meaning that most mining activities leave a substantial carbon footprint.
- Resembling the usage patterns, the United States remains the most popular place for Bitcoin mining, taking up 37% of the share.
- In the second and third places, we have China and Kazakhstan, which also leads to the point that 35% of mining spaces are located in Asia. There are more mining operations in North America, though.
- The lowest amount of Bitcoin mining takes place in Africa and South America, whose combined share is only close to 5%.
- Thirty countries have released regulations on cryptocurrency mining so far, and many are in the works, considering the environmental impact of these regulations.
- Yet, only 70% of cryptocurrency miners are compliant with these regulations. In 2023, fines valuing over $100 million were issued for non-compliance with local regulations.
- Yet, 2023 saw the shutdown of only 50 mining operations, which is not even a fraction of the global numbers.
- More than half of cryptocurrency mining operations have not been subjected to security audits.
- Miners, like exchanges, also avoid international standards, with only 5% complying with ISO 27001 international standards.
- Records indicate that Bitcoin mining has an average carbon footprint of 55 Mt CO2 every year.
Conclusion
I hope these statistics allow you to understand the breadth and the size of growth that cryptocurrencies and other crypto assets are facing. Depending on these insights, you can decide whether you want to invest in this situation or stay away until a new trend occurs.
Meta: Are you wondering where the cryptocurrency market is going? Here are some statistics on Bitcoin and other cryptocurrencies, mining, security, and their future.
Sources
Barry Elad
Barry Elad is a dedicated tech and finance enthusiast, passionate about making technology and fintech concepts accessible to everyone. He specializes in collecting key statistics and breaking down complex information, focusing on the benefits that software and financial tools bring to everyday life. Figuring out how software works and sharing its value with users is his favorite pastime. When he's not analyzing apps or programs, Barry enjoys creating healthy recipes, practicing yoga, meditating, and spending time in nature with his child. His mission is to simplify finance and tech insights to help people make informed decisions.
