Chainalysis has published its new “The 2024 Crypto Spring Report”, which reveals the new trends of the cryptocurrency spring. Among the various data, what emerges is that the number of active crypto wallets is constantly increasing, surpassing 400 million addresses with a positive balance.
Summary
Crypto wallet: the number is constantly increasing, surpassing 400 million active addresses
According to the new report by Chainalysis, called “The 2024 Crypto Spring Report“, it seems that the number of active crypto wallets is constantly increasing, surpassing the threshold of 400 million addresses with a positive balance.
The on-chain analysis platform has provided several data points for this period, also describing the reaction to the “crypto winter”, which is the period of decline in the cryptocurrency market.
And indeed, since the beginning of 2024, the crypto market has changed its trend to bullish, also recording historical price highs, as in the case of Bitcoin (BTC) above $73,000, reached on March 13, 2024.
This market recovery is definitely supported by other related activities, such as futures trading and on-chain transactions.
Not only that, this recovery also involves blockchain technologies that continue to develop, integrating more and more with traditional finance. In this way, the report highlights how the sector is maturing, rather than simply experiencing a cyclical rebirth.
Active Crypto Wallets: Chainalysis report analyzes the sector’s rebound after the cryptocurrency winter
In addition to the constantly increasing number of active crypto wallets, prices reaching new all-time highs, and the development of blockchain technology with traditional finance, Chainalysis also delves into other dynamics in its analysis
Among other things, the report states that it was necessary to reassess the crypto market, focusing on improving security, transparency, and decentralization. In fact, after the crashes of the main crypto platforms TerraLUNA, Celsius, and FTX in 2022, significant systemic vulnerabilities emerged.
Not only that, at the center of this “crypto spring” there is also a return to Decentralized Finance (DeFi), with projects that are experiencing an increase in their Total Value Locked (TVL), as well as continuing to innovate in terms of liquidity.
Another significant data point is the unprecedented growth of stablecoins, essential for providing stability and promoting financial inclusion, especially in regions plagued by economic volatility.
Among the emerging trends, the tokenization of real-world assets and decentralized physical infrastructures is also highlighted, which is experiencing significant growth, especially thanks to institutional adoption.
Finally, speaking of 2024, the report could not fail to analyze the increase in capital inflows in the crypto sector thanks to the approval and issuance of the new Bitcoin spot ETFs in the USA.
The Crypto Crime Report
Last February, the Crypto Crime Report by Chainalysis was also analyzed, referring to money laundering.
From what emerged, it seems that in 2023 criminals have laundered a total of $22.3 billion, almost 30% less than in 2022.
Basically, this decrease in money laundering in the crypto sector can also be attributed to the 14.9% decrease in total transaction volume.
Anyway, the report highlights that the main destination for funds sent from illicit addresses remains centralized crypto-exchanges. Unfortunately, it seems that compared to 2022, in 2023 the share of illicit funds destined for DeFi protocols has increased by 13%.
