Bitcoin And Ethereum Adoption Increase 27% Despite Poor Market Performance

Key Points:

• Despite the bad market environment and the failure of multiple cryptocurrency companies, Bitcoin and Ethereum adoption over the previous year increased.
• BTC and ETH appear to have shaken off 2022’s poor performance, rising by over 30% over the past month.

Despite the bad market environment and the failure of multiple cryptocurrency companies, Bitcoin and Ethereum adoption over the previous year increased.

Even if the value of the two leading digital currencies fell by more than 60% in 2022, crypto investors continued to make sizeable investments in them. The analysis states that in 2022, there were 27% more addresses holding either crypto asset worth at least $1,000.

Addresses holding 0.1 BTC (approximately $1000) increased throughout this time, from 3.40 million on January 1 to 4.20 million as of December 31. On the other hand, within the same period, the number of addresses with 1 ETH (minimum value of $1000) increased from 1.41 million to 1.73 million.

Crypto sees bull tart to 2023

Meanwhile, BTC and ETH appear to have shaken off 2022’s poor performance, rising by over 30% over the past month.

In the last 30 days, the two flagship digital assets’ price performance saw them return to their pre-FTX collapse levels. Bitcoin traded above $23,000, while Ethereum rose above $1,600 for the first time since September 2022.

The run, however, also affected other digital assets, such as Aptos’ APT token, which soared to a new record high. The native tokens of FTX, FTT, and Solana, SOL, both benefited greatly from the price increase. Additionally, during the bull run, the industry’s entire crypto market cap recaptured the $1 trillion threshold.

At the time of publication, BTC sold for $23,468 while ETH was traded for $1613.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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