Key takeaways

• The crypto industry moves in cycles, with periods of rapid growth often triggered by sustained market rallies that give rise to huge advances in adoption, awareness and education. This is undoubtedly what happened in the 2024 market cycle.

• Crypto adoption and awareness have surged this year, and indicators ranging from the number of merchants accepting digital currencies to survey responses reflect the growing appeal of these assets among the general public.

• The number of new registrations and trading activity on Binance has exploded, a sign of the growing adoption and trust users have placed in our platform.

Digital assets are no longer limited to trading and investing: they are now increasingly integrating our daily lives to revolutionize our transactions, interactions and creative processes. Crypto adoption has progressed tangibly in 2023. The industry moves in cycles, with periods of rapid growth often triggered by sustained market rallies that give rise to huge leaps in adoption, awareness and of education.

Recent industry news, such as the approval of BTC Spot ETFs in the United States and major regulatory developments across the world, have catalyzed significant demand and interest in blockchain and digital assets. However, this momentum is not simply a product of recent events; It is the culmination of years of incremental adoption, investment, and hard work undertaken by the community and industry leaders like Binance in the areas of education, security, and compliance. In this world, forward-looking players understand the cyclical nature of the industry and are always preparing for the next big wave. Here are several areas where digital assets have gained traction in 2023.

The rise of cryptos for everyday transactions

The growing number of merchants accepting digital currencies as direct payment methods speaks volumes about crypto's broad appeal: from small corporations to large multinationals, the adoption curve is climbing faster and faster as businesses recognize the advantages of crypto payments, in particular to retain new customers and reduce transaction fees, as proven by a recent survey by Deloitte. This change in acceptance is not simply anecdotal: it is supported by data illustrating a significant increase in the number of merchants accepting crypto payments, which increased from 7,731 in October 2022 to 10,952 in April 2024, i.e. an increase of 42% in less than two years according to the community tracker BTC Map.

The proliferation of crypto ATMs is another undeniable sign of the integration of cryptos into daily life. Once rare, these machines are now installed all over the world to offer users a way to concretely interact with digital assets in their everyday lives. The rise of the global crypto ATM market underscores a growing preference for cryptocurrencies as a payment method: in fact, this markethas exploded from $115 million in 2022 to $181 million in 2023, an increase of 64% in just one year. Avoiding high exchange rates while traveling, facilitating remittances, and many more benefits: these crypto ATMs bridge the digital and physical worlds.

Stablecoins are one of the most important classes of digital assets, with immense transactional utility. Most often indexed to the US dollar, these assets are frequently used in everyday transactions, especially to preserve the value of funds in a context of depreciation of national currencies and to facilitate international transfers.

A recent report from Chainalysis suggests that stablecoins have already surpassed all other types of cryptocurrencies in use, and also indicates that the volume of purchases of stablecoins with fiat currencies (fiat currencies) has increased steadily in 2023, even in countries whose national currencies have experienced strong depreciation and those where capital flows have been subject to severe restrictions. Stablecoins undoubtedly play a key role in the execution of everyday crypto transactions.

Knowledge and trust, the main drivers of adoption

Widespread adoption of any new technology depends on technological progress and the proliferation of use cases, but also on knowledge and trust. High-profile industry events and recent market uptrends have helped raise public awareness and understanding of cryptos.

According to a recent consensys and YouGov survey of 15,000 people across 15 countries, 92% of the world's population has heard of cryptos, and 50% say they understand what they are. are. Organizations like Binance Academy have played a crucial role in disseminating accurate information about blockchain technology, thereby fostering more informed discussions about digital assets.

This same survey also highlighted a shift in opinion towards cryptos: globally, 16% of respondents said they saw cryptos as “the future of money.” , and 11% said it was an alternative to traditional financial systems and a new option for the future of digital ownership. Confidence in the sector has increased significantly compared to previous years. These changes can mostly be attributed to increasing investments by industry players such as Binance in compliance and security measures, improved clarity in global regulatory frameworks, growing institutional adoption and greater user awareness.

Another recent Paradigm survey found similar results among American voters: 19% of them hold cryptocurrencies, or about a fifth of registered voters, which is far from 'be a niche subgroup. According to the same survey, 69% of Americans are dissatisfied with the current financial system, which could indicate an increase in demand for different financial approaches and tools. 

Alongside these trends, the field of education is also evolving to accommodate the growing interest in blockchain technology. More and more higher education institutions around the world are offering blockchain-focused courses and training to prepare the next generation of professionals to navigate the complex crypto space. According to the Global Blockchain Business Council database, 1,970 higher education courses in over 70 countries now focus on crypto, covering blockchain, cryptography, compliance, business, supply chain, etc.

Binance: A look at the growing interest

The latest data from Binance also paints a stark picture of growing interest in digital assets. With over 30 million new traders registered on Binance in 2024 to date, daily visits to the platform have doubled, and its number of users transacting each month has increased significantly since January of this year. Additionally, Binance saw significant inflows of cryptoassets that brought the value of customer assets held on the platform to over $100 billion for the first time.

This renewed activity is reflected in a remarkable increase in Spot trading volume: according to CCData, this metric increased by 121% in March 2024 to reach $1.12 trillion, representing the highest Spot volumes since May 2021. Similarly, derivatives trading volumes rose 89.7% to $2.91 trillion, also reaching their highest levels since May 2021.

The data says it all: cryptos are no longer limited to investments, but are infiltrating every aspect of our lives. From everyday transactions to education to institutional flows, the rising adoption of cryptos signals a fundamental shift in how we perceive and interact with money and digital assets.

Uncertainties will likely persist as the industry matures, but the trajectory of crypto adoption appears unstoppable. As more individuals, businesses, and institutions adopt cryptos, they are building the foundations of a more inclusive, transparent, and decentralized financial system.