Wallets are a necessity for cryptocurrency users and their creation is a strong indication of how fast the popularity of decentralized digital money grows. The number of crypto wallets and their users has been increasing rapidly since the creation of Bitcoin. Spikes usually coincide with rising cryptocurrency prices during bullish periods, but it’s worth noting that the general trend has always been positive, and has become exponential in the past few years.
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Sharp Increase of New Wallets in Q2, 2019
Market data provider Statista continuously tracks multiple indicators in the crypto space. The platform revealed that the number of blockchain wallet users has reached over 40 million at the end of the first half of 2019. That represents an enormous increase from less than 8 million users in the second quarter of 2016, as per the report. The numbers look even more staggering when you realize the study is based on the growth registered by a single company, Blockchain.com.
The well-known provider of crypto products offers one of the popular wallet clients on the market which supports bitcoin cash (BCH) among other cryptocurrencies. The total number of wallet users worldwide is hard to estimate, but in the past three years alone, Blockchain.com has recorded a five-fold increase in its wallet users. Blockchain.com’s own more recent data shows the user count has reached over 42 million, as of September 25.
Looking at the graph in the Statista report, two pronounced spikes in the number of new wallets can be seen during the examined period. The first one occurred between the third and fourth quarter of 2017. It coincided with the rise in the
