The post Crypto Enthusiasm Peaks In 2024: Andreessen Horowitz Reports Record Activity Levels appeared on BitcoinEthereumNews.com.

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.  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…

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Filed under: News - @ October 17, 2024 12:17 pm