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Cryptocurrency Adoption and Sentiment Report 2024
Most popular currencies in 2024
Most of our respondents purchased cryptocurrencies for the first time in 2020 and 2021, but fewer people have entered the market since then due to poor performance in 2022. Blockchain adoption accelerated in 2020 and 2021 due of the impressive price performance on cryptocurrency exchanges. driven by Third Bitcoin supply halving on May 11, 2020.
The supply halving is programmed into Bitcoin’s software to occur every four years. As the name suggests, the new supply of Bitcoin issued every ten minutes on average is halved. The 2020 halving reduced new supplies of Bitcoin from 12.5 BTC on each new block of transactions down to 6.25 BTC. The 2024 halving will reduce new supplies to 3,125 BTC.
Another critical factor in 2020 and 2021 has been the flight of investors to Bitcoin and other deflationary blockchain currencies to cover global inflation and geopolitical risk during the pandemic.
As new supply of Bitcoin fell by 50%, the Federal Reserve increased the dollar supply by 20% in the first six months of 2020 for emergency monetary stimulus aimed at containing the pandemic recession. As a result of supply and demand, Bitcoin has appreciated rapidly against the dollar.
Because Bitcoin is the original cryptocurrency launched in 2009 and continues Representing 50% of the cryptocurrency market share by market capitalization, it remains the center of gravity for the current exchange rates of other cryptocurrencies such as Ethereum, Ripple, Dogecoin, and Shiba Inu.
What are the most popular cryptocurrencies in 2024?
Percentage of current owners holding various currencies, by year
| Bitcoin (BTC) | 76% | 78% | 77% |
| Ethereum (ETH) | 54% | 58% | 65% |
| Dogecoin (DOGE) | 26% | ||
| Shiba Inu (SHIB) | 12% | 18% | 19% |
| Cardan (ADA) | 12% | 14% | 19% |
| US Dollar Currency (USDC) | 12% | 10% | 12% |
| Stellar (XLM) | 12% | 14% | 16% |
| Solana (SOL) | 11% | 10% | 11% |
| Binance Coin (BNB) | 10% | 6% | 6% |
| Ripple (XRP) | 9% | 7% | 6% |
| Tether (USDT) | 7% | 5% | 5% |
| Avalanche (AVAX) | 5% | 6% | 5% |
| Earth (MOON) | 4% | 2% | 3% |
| Other | 9% |
In our 2024 study, we found that Bitcoin’s holding rate remained the popular favorite with approximately three in four cryptocurrency owners holding some BTC.
While it remains the second most popular cryptocurrency, Ether (ETH) ownership rates have significantly dropped from 65% at the end of 2021 to 54% at the end of 2023. Due to widespread interest in the Ethereum merger completed on September 15, 2022 , To change the way Ethereum hedges ETH, many cryptocurrency users saw it as a good year to own Ether.
But the competition since then from other cryptocurrencies with smart contracts like Solana (SOL) and Binance Coin (BNB) – more stubbornly high transaction fees – led to the decline in ETH ownership rates.
Meanwhile, we found Ripple (XRP) ownership rates among cryptocurrency users increased from 7% to 9% over the course of 2023, after Ripple Labs prevailed in court against an SEC lawsuit. Despite a significant victory, the case has not yet concluded and will go to trial in April 2024.
Among current cryptocurrency owners, around 63% hope to get more cryptocurrency in the next year. Here are the main currencies in which they intend to invest:
- Bitcoins: The offering shrinks by half this year just as an expected ETF product creates an on-ramp to the mainstream market for regulated investors and piques their interest.
- Ethereum: Cryptocurrency consumers anticipate another one Ethereum Update to Increase Speed and Reduce Fees while waiting the spot launch of an Ethereum ETF by BlackRock, Inc.
- Dogecoin:– DOGE does not have halvings like BTC, but is protected by the same industry-leading 256-bit encryption technique.
- Cardan: ADA has been a competitor to ETH since it added smart contracts in September 2021. In 2024, the project plans to formalize its governance ideals as smart contract code.