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Last Updated : Mar 06, 2019 07:15 PM IST | Source:

While cryptocurrency prices plummeted in 2018, number of wallet users increased

Cryptocurrency market cap fell nearly 85 percent through 2018 after its peak at the start of the year, but the number of blockchain wallets users during this period went up

Moneycontrol News @moneycontrolcom

The year 2018 was volatile for cryptocurencies and its most loyal supporters were also forced to question their belief. But all may not be lost for the digital currencies as data suggests that even though their value fell in 2018, the number of blockchain wallet users increased.

After the combined market capitalisation of cryptocurrencies peaked in January 2018 at $818 billion, it fell by 85 percent by the end of the year. At the beginning of March 2019, the cryptocurrency market was valued at around $132 billion. Despite this fall, the number of blockchain wallet users in 2018 was 66 percent more than in 2017, according to data collated by Statista.

A blockchain wallet, also known as a cryptocurrency wallet, is a software program that enables users to store their cryptocurrencies. For all practical purposes, it works similar to any digital wallet you use on a daily basis.

Statistic: Number of Blockchain wallet users worldwide from 1st quarter 2015 to 4th quarter 2018 | Statista

The report suggests that the number of blockchain wallet users went up from 66.7 million in 2017 to 110.6 million in 2018. The number was just 16.7 million in 2015. This means users of the blockchain wallet have increased 562 percent since 2015.

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First Published on Mar 6, 2019 03:33 pm
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