In October 2024, the A16z report revealed that cryptocurrency adoption has reached an unprecedented milestone, with 617 million users worldwide. Of these, 60 million are active on a monthly basis, reflecting considerable growth in the sector. Networks such as Base, which operates on the Ethereum Virtual Machine, and Solana have seen a significant increase in the number of active wallets, with 220 million in total. Solana, in particular, has stood out with 100 million active addresses.
This growth is linked to improved scalability of blockchain networks and reduced transaction fees, which has allowed products such as stablecoins to find a broader fit in the market. According to Daren Matsuoka, an analyst at A16z, the crypto market is at an inflection point that could unlock new possibilities for applications and user activities.
The report also highlighted the positive impact of cryptocurrency ETFs in the United States. Bitcoin-based ETFs have seen investments of $19.806 billion, while Ethereum ETFs have struggled with outflows of $541.8 million. BlackRock has led the capital inflows, while Grayscale has capitalized on the largest sales.
Bitcoin, the leading cryptocurrency, is trading at $67,648 at the time of reporting, up 1.76% over the past 24 hours. Although its price hit highs of $68,261, analysts indicate that price stability is accompanied by increased liquidity in the market, paving the way for possible future increases in its value.
In short, increasing adoption and improving infrastructure in the cryptocurrency market suggest that the sector is entering a mature stage. Although the prices of Bitcoin and other cryptocurrencies have shown relative stability, growing user participation and institutional interest are indications of a possible bullish rally in the coming months.
