12 Graphs That Show Just How Early The Cryptocurrency Market Is

  • For people who self custodial their cryptocurrencies — people can have multiple wallets for different cryptocurrencies.
  • For people who store their cryptocurrencies on exchanges — 1 wallet address does not equate to 1 user on the exchange. It’s also typical for exchanges to create a wallet address for each transaction.
  • Bitcoin & Ethereum wallet growth
  • Bitcoin & Ethereum active addresses growth (proxy for DAU)
  • User growth of crypto-fiat and crypto-crypto exchanges
  • Total cryptocurrency trading volume over time
  • Even though we’ve seen a huge increase for number of users of cryptocurrencies, tokens, and DApps — we are still in year 1994 if we compare the trajectory to the growth of the internet.
  • However, depending on your long-term view of the core-use cases of blockchains & cryptocurrencies, the analogy is either an apt analogy or a pointless endeavor:
  • If you view the core use-cases of cryptocurrencies as a new asset class then I wouldn’t necessarily expect cryptocurrencies to follow the same trajectory as the internet — both in terms of user growth & growth of assets (equivalent to websites on the internet).
  • If you view the core use-cases of cryptocurrencies as an application platform for decentralized applications (DApps) — or better known as the decentralized internet — then the growth of users & DApps would be comparable to the growth of internet users & website growth.

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Partner @RaceCapital, former community lead at Greylock Partners, founder of StartupDigest

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Chris McCann

Chris McCann

Partner @RaceCapital, former community lead at Greylock Partners, founder of StartupDigest

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