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As the crypto market faces constant volatility challenges and regulatory pressures, major cryptocurrencies have experienced significant declines and slowed growth over the years. However, a new chart report has revealed that despite these downward trends, the crypto industry is still achieving new milestones in terms of adoption.
Chart Reveals Crypto Adoption On The Rise
The broader crypto market has been recovering at a snail’s pace since the crypto crash in 2021. Cryptocurrencies were at their peak during this time, and Bitcoin had the highest growth rate, reaching a price of over $60,000 while Ethereum’s price was around $4,000.
However, the upward trend was short-lived and the industry was hit with many challenges including regulatory hurdles that restricted its advancement into different regions and market forces which constantly caused instability in crypto prices.
Amid all this, DeFi Researcher, Thor Hartvigsen has presented in an X (formerly Twitter) post, chart reports that display the continuous growth in adoption of the crypto industry despite negative trends in the ecosystem.
Hartvigsen disclosed the four charts showed an increase in crypto adoption in the industry. One of the charts shows a spike in total daily wallets for users in the Ethereum and Layer 2 (L2) landscape which was previously in a bear market.
Another chart reveals a surge in traction in decentralized stablecoins which have been in decline since August 2022.
The third chart illustrates Ethereum’s growth rate over the years, surpassing $10 billion in revenue and promoting the emergence of innovative businesses in the crypto industry.
The last chart shows liquid staking at an all-time high, growing from $7.9 billion to more than $20 billion in 2023. This report also adds to recent data which revealed a spike in liquid staking platforms in the United States after hitting 370,000 Ether (ETH) in only five days and reaching a new milestone of $20 million staked ether.
Total market cap struggles to hold above $1 trillion | Source: Crypto Total Market Cap on Tradingview.com
Major Incentives Driving Growth Rates
The evolution of the crypto industry has been pushed back a couple of years following the Terra Luna crash which saw one of the largest stablecoins declining by 99%.
After the LUNA crash, the crypto industry suffered another loss from the FTX descent and insolvency. The industry has been under scrutiny by major regulatory authorities like the United States Securities and Exchange Commission (SEC).
There have also been multiple crypto scams, rug pulls, and cyber attacks over the years on major exchange platforms and marketplaces in the industry.
Presently, the crypto industry is slowly gaining back its strength and advancing rapidly, as seen in some major innovative developments like the integration of spot Bitcoin ETFs, and Ethereum spot ETFs.
The ecosystem is also thriving with new infrastructure upgrades and improvements in the DeFi ecosystem, ensuring the sustainability and longevity of the industry.
Featured image from CNBC, chart from Tradingview.com
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