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The year 2023 emerged as a landmark period for cryptocurrencies, witnessing an unprecedented surge in user engagement. According to a report by Crypto.com, the number of cryptocurrency users soared by 34%, reaching a staggering 580 million, despite the backdrop of global economic challenges such as inflation and geopolitical unrest.
Leading the crypto boom were Ethereum and Bitcoin. Ethereum’s user base saw a remarkable rise, climbing from 89 million to 124 million, while Bitcoin’s followers expanded from 222 million to nearly 300 million. This surge was propelled by key network advancements, including Ethereum’s Shanghai upgrade and the debut of BRC-20 tokens and ordinals on the Bitcoin network.
The year’s final quarter marked a pivotal moment for Bitcoin, with its value surpassing the $40,000 mark, partly driven by the heightened anticipation of Bitcoin ETFs in the United States. This surge reflects a broader trend in the diverse cryptocurrency landscape, where a substantial number of enthusiasts diversify beyond Bitcoin and Ether.
