The growth of the crypto market has been massive, which is reflected in the number of crypto wallets that currently exist. 2021 seems to be the year that virtual commerce was uncovered, attracting many more investors and companies to profit from it which has brought along and increase in crypto storage wallets.
According to crypto trading analysts, 2021 has seen a greater influx of crypto wallet creation than in previous years. The figures reach over 22 million wallets, which could be a historical line within the virtual commerce market that has been in operation for more than a decade.
Analysts demonstrate extent of crypto wallet creation
Finbold, a crypto management platform has shown and analyzed historical data on crypto wallets. According to research, over 22 million crypto wallets had been created since November last year. In this period, the creations of wallets increased over 40 percent. All this is compared with the 55 million wallets that have been registered since the beginning of the crypto trade.
The agency reports that, in 2019, they only had a crypto wallet list of 43 million, which showed a 44 percent growth in the market compared to figures from previous years. For 2017, the same company showed that the creation of wallets exceeded 62 percent, reaching 29 million registered portfolios.
Wallet creation rate simultaneous rise alongside bullish run
In Finbold’s research, many factors promote its growth, including the increase in the purchasing power of tokens. The agency believes that the rise in the Bitcoin price positively interfered with the companies managing the new crypto wallets. Since 2017 the BTC price has increased to over 200 percent, which helped it reach new mass adoptions.
This peak in creating crypto wallets can also be motivated by many governments’ opinions in the world. The United States began with regulations towards cryptocurrencies, but today it has created policies that strengthen virtual commerce, attracting more investors. But several countries in Europe accept crypto payments which allow the normalization of decentralized commerce in the region.
These crypto wallets can be differentiated by their technology in security, accepted tokens, and availability in the native country. Even large companies such as Visa, MasterCard, and PayPal accept cryptocurrencies as payment methods, indirectly turning them into crypto wallets. The crypto trade is growing, and nobody wants to miss it.