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Crypto

Crypto Enthusiasm Peaks In 2024: Andreessen Horowitz Reports Record Activity Levels

Ronaldo Marquez
by Ronaldo Marquez
11 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The digital assets landscape is becoming increasingly mainstream, as detailed in the annual “State of Crypto” report published by venture capital firm Andreessen Horowitz. 

The report emphasizes the growing international market for stablecoins, the maturation of infrastructure, and a notable decline in transaction fees, all contributing to a surge in crypto activity throughout the year.

Active Monthly Crypto Addresses Surge To 220 Million 

Eddy Lazzarin, Chief Technology Officer at Andreessen Horowitz, stated, “Crypto activity is at an all-time high,” indicating significant growth across multiple dimensions of the market. 

The report, released on Wednesday, categorizes crypto activity into three main segments: users, owners, and active crypto addresses. 

Related Reading: Bitcoin ‘Apparent Demand’ Has Turned Green Again: What It Means

While the category of “owners” refers to individuals who possess digital assets without necessarily engaging with the blockchain, “users” are those who actively utilize blockchain technology for transactions such as purchasing non-fungible tokens (NFTs) or transferring Circle’s USDC stablecoin. 

Notably, only a small percentage—between five to ten percent—of crypto owners are classified as active users. 

However, the report further reveals a notable increase in active monthly addresses, which soared to 220 million in 2024, a substantial rise from below 100 million in 2023. 

According to the firm’s analysis, this growth trajectory mirrors the early adoption patterns observed during the internet’s nascent stages. 

Additionally, the total number of global crypto owners has reached 617 million, while the number of active users ranges from 30 to 60 million. 

Lazzarin attributes the disparity between owners and active users to “the complex user experience,” suggesting that enhancing app usability, lowering costs, and achieving regulatory clarity could re-engage passive crypto owners.

Decline In Transaction Fees Key To growth? 

Stablecoins have found what Lazzarin describes as “product-market fit.” The report notes that 32% of daily crypto activity is now driven by stablecoins, surpassing all categories except decentralized finance (DeFi). 

This growth has been especially pronounced in countries facing hyperinflation, such as Argentina, where the local peso depreciated by 82%. In response, Lazzarin explains that many Argentinians have turned to stablecoins to “safeguard” their assets, leading to a 10,000% increase in stablecoin trading on the Mexican exchange Bitso.

Related Reading: Ripple CLO Predicts Timeline For SEC Appeal Resolution

Declining transaction fees have fueled this record activity in the digital asset space. The report highlights how advancements in Ethereum’s scaling solutions have decreased the cost of sending USD internationally by 99%. 

While traditional international wire transfers typically incur fees of around $44, transferring USDC via Coinbase’s Base Layer 2 solution costs less than one cent. 

Ultimately, the report attributes this cost reduction to a “maturing” digital asset infrastructure, which includes new blockchains and increased interoperability.

Crypto
The 1D chart shows the surge in total crypto market cap valuation over the past few days. Source: TOTAL on TradingView.com

At the time of writing, the total crypto market capitalization stands at $2.27 trillion, with approximately $250 million of fresh capital injected into the digital asset ecosystem over the past 5 days. 

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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