Coingecko: Bitcoin & Ethereum Adoption Up Despite Challenges

Coingecko Report Shows Increased Adoption of Bitcoin & Ethereum Despite Bear Market & Crypto Firm Failures.

Despite the nearly 60% decline in the value of Bitcoin and Ethereum in 2022, crypto investors continued to make significant investments in the leading digital currencies. According to the research, the number of addresses holding either crypto asset worth at least $1,000 climbed by 27% in 2022.

0.1 BTC addresses (approx. $1000) rose to 4.20 million by Dec 31, up from 3.40 million on Jan 1. Meanwhile, addresses holding 1 ETH (approx. $1000) increased from 1.41 million to 1.73 million.

Coingecko observed peak adoption of the top two digital assets in Q4 during the collapse of Sam Bankman-Fried’s crypto domain.

The firm reported 0.1 BTC addresses grew 7.3%/quarter but jumped to 9.7% during the FTX collapse. Meanwhile, 1 ETH address rose 7%/quarter but rose 10.4% during the same period.

Ethereum’s increased adoption was linked to migration to proof-of-stake consensus in September. BTC and ETH rebounded from poor 2022 performance, rising over 30% in the past month.

Last 30 days, BTC and ETH prices returned to pre-FTX collapse levels, with Bitcoin trading above $23k and Ethereum above $1,600 for the first time since Sep ’22.

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

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

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