Delve into the revealing findings of the 2024 Cryptocurrency Market Research Report by Security.org.
Understand the surge in ownership, the rise of women investors, popular cryptocurrencies, and emerging trends shaping the future of digital assets.
Contents
- 1 Exploring the Rapid Rise in Cryptocurrency Ownership and Knowledge in 2024
- 2 Anticipating Further Growth: Americans' Plans to Purchase Cryptocurrencies in 2024
- 3 The Potential Impact of Physical Bitcoin ETF Approval on Investment Appetite
- 4 Trends in New Cryptocurrency Investors: A Decline Since 2022
- 5 Future Cryptocurrency Investment Plans
- 6 Investment Reasons and Profitability in Cryptocurrencies
- 7 Concerns in the Cryptocurrency Market in 2024
Exploring the Rapid Rise in Cryptocurrency Ownership and Knowledge in 2024
Security.org, known for publishing a variety of product and service research reports, released its fourth annual "2024 Cryptocurrency Market Research Report" on January 3, 2024.
This report, based on a survey of over 1,500 Americans, reveals significant findings about the cryptocurrency market.
As of 2023, the familiarity with and ownership of cryptocurrencies have seen a sharp increase.
While less than half of the respondents were knowledgeable about cryptocurrencies in 2021, over 80% are now well-informed.
The ownership rate in the US has risen from 30% to 40% in the past year, suggesting that approximately 93 million Americans might own at least one cryptocurrency.
Interestingly, the rate of cryptocurrency ownership among women has significantly increased, possibly influenced by figures like Cathie Wood of ARK Invest.
This marks a shift from the previously male-dominated cryptocurrency investor demographic.
Anticipating Further Growth: Americans' Plans to Purchase Cryptocurrencies in 2024
Currently, 56% of cryptocurrency owners believe that the market prices will rise in 2024. Among those who don't own any cryptocurrencies, 15% plan to purchase them in 2024, a notable increase from the 5% in the previous year.
Non-holders' Planned Virtual Currency Purchases: by Year
| Data for 2023 | Data for 2024 | |
|---|---|---|
| Must purchase within the next 12 months | 5% | 15% |
| Considering purchase in the future | 46% | 41% |
| Absolutely no purchase. | 49% | 44% |
Cryptocurrency owners and non-owners alike believe that 2024 could be an excellent year for cryptocurrency values.
46% of the general populace thinks that the approval of a Bitcoin ETF in 2024 could positively impact the blockchain industry, with current owners likely to be even more optimistic.
The Potential Impact of Physical Bitcoin ETF Approval on Investment Appetite
When asked whether the approval of a Bitcoin physical ETF would influence their investment interest, 21% of non-owners, 21% of past owners, and 35% of current owners responded positively.
On the other hand, 74% of non-owners, 66% of past owners, and 54% of current owners believed it would not affect their investment desire.
This suggests that the approval of a Bitcoin physical ETF could lead to 21% of non-owners and 35% of current owners increasing their cryptocurrency investments.
Trends in New Cryptocurrency Investors: A Decline Since 2022
The year with the highest rate of first-time cryptocurrency ownership was 2020 (23%), followed by 2021 (20%). However, the number of new entrants to the cryptocurrency market has decreased since 2022 due to a bearish market trend.
What year did you first hold virtual currency?
| Year first held | Percentage of respondents |
|---|---|
| Prior to 2016 | 13% |
| 2017 | 10% |
| 2018 | 13% |
| 2019 | 13% |
| 2020 | 23% |
| 2021 | 20% |
| 2022 | 7% |
| 2023 | 2% |
Most Popular Cryptocurrencies in 2024
The 2024 survey reveals that Bitcoin (BTC) continues to be the most popular cryptocurrency, followed by Ethereum (ETH) and various top-ranking altcoins like DOGE, SHIB, ADA, USDC, XLM, and SOL.
The ownership of XRP also increased following Ripple's legal victory against the SEC.
| Crypto currency | Year 2024 | Year 2023 | Year 2022 |
|---|---|---|---|
| BTC | 76% | 78% | 77% |
| ETH | 54% | 58% | 65% |
| DOGE | 26% | - | - |
| SHIB | 12% | 18% | 19% |
| ADA | 12% | 14% | 19% |
| USDC | 12% | 10% | 12% |
| XLM | 12% | 14% | 16% |
| SOL | 11% | 10% | 11% |
| BNB | 10% | 6% | 6% |
| XRP | 9% | 7% | 6% |
| USDT | 7% | 5% | 5% |
| AVAX | 5% | 6% | 5% |
| LUNA | 4% | 2% | 3% |
| Other | 9% | - | - |
Future Cryptocurrency Investment Plans
Among respondents who already own virtual currencies, approximately 63% of them want to acquire more virtual currencies in the future. The top four virtual currencies in which these people plan to invest in the future are the following four
Bitcoin (BTC)
Ethereum (ETH)
Dogecoin (DOGE)
Cardano (ADA)
Investment Reasons and Profitability in Cryptocurrencies
The primary reason for acquiring cryptocurrencies was to diversify investment portfolios, followed by interest in the technology behind digital assets.
Other reasons included future prospects, recommendations, online purchases, inflation protection, avoiding government regulation, privacy, low international transfer fees, and gifts.
Over half of cryptocurrency owners purchased them to increase profitability, with around 45% reporting profits and 30% reporting losses from their investments.
Concerns in the Cryptocurrency Market in 2024
44% of those who do not own cryptocurrencies claim they will never purchase them, citing price instability and lack of government protection as their main reasons.
Concerns over price volatility were expressed by 40% of non-owners, 46% of current owners, and 46% of past owners.
Other concerns include unreliable exchanges, cyber-attacks, access issues, environmental impact, trading difficulties, and overregulation or bans.
The full "Security.org" report can be viewed on this page.
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