In 2024, cryptocurrency adoption has surged, with global ownership climbing to 617 million, up from 580 million in December 2023.
This 6.4% increase reflects a growing acceptance driven by significant events like Bitcoin’s fourth halving and Ethereum’s Dencun upgrade, which has slashed transaction fees by up to 99%.
These developments have renewed interest from both retail and institutional investors, contributing to the expansion of the crypto market.
Despite this rise in ownership, the overall crypto market cap experienced a 14% decline in the first half of the year, dropping to $2.27 trillion.
This decrease indicates a market correction following a period of rapid growth and increased investment inflows, particularly from newly approved Bitcoin ETFs. The reduction in trading volumes and a lack of fresh market drivers have contributed to this bearish phase.
In contrast, the stablecoin sector has flourished, with its market capitalization reaching $161 billion. This uptick in stablecoin value suggests a shift towards more stable digital assets amid market volatility.
The growing institutional interest, coupled with supportive regulatory measures, might set the stage for a period of stabilization and potential growth in the crypto space. As the market adjusts, investors are watching closely for signs of recovery and sustained adoption.
The final days of July could bring critical developments that reshape investor sentiment and influence the next leg of the crypto market’s trend.
Tyler Winklevoss, co-founder of crypto exchange Gemini, has accused JPMorgan of retaliating against the platform by freezing its effort to restore banking services.
Renowned author and financial educator Robert Kiyosaki has issued a word of caution to everyday investors relying too heavily on exchange-traded funds (ETFs).
The classic four-year crypto market cycle—long driven by Bitcoin halvings and boom-bust investor behavior—is losing relevance, according to Bitwise CIO Matt Hougan.