Number of Cryptocurrency wallets being created is growing

The rise of the cryptocurrency sector over the past year has attracted more investors intending to get involved. The entry of new investors is partly highlighted by the cryptocurrency wallets created over the period.

Number of Cryptocurrency wallets being created grew by 22M in 2021

According to data compiled by Finbold, the digital assets custody platform Blockchain.com added a record 22.86 million unique crypto wallets between November 2020 and November 2021. During the period, the wallets grew 40.9% from 55.89 million recorded last year. As of November 2020, the platform has 78.74 million.

As of November 2019, the wallets stood at 43.15 million, growing 44.79% from November 2018's figure of 29.80 million. Between 2017 and 2018, the highest growth rate was recorded at 62.3%.

Cryptocurrency bull run correlates with new unique addresses

The report highlights some of the factors driving the increase in new unique wallets created on the Blockchain.com platform. According to the research report:

"Over the past year, the unique wallets activity highlights an influx of new users in the crypto sector as the value of digital assets like Bitcoin surged. Spikes in created crypto wallets usually coincide with rising prices during bullish periods. Overall, the trend of new crypto wallets created has been rising over the past few years, reflecting the sector's progress."

The record number of wallets created also indicates the mainstream adoption of cryptocurrencies. During the recent bull run, institutional investors increasingly pumped money into the crypto sector, which also attracted retail investors. Overall, the wallets are acting as a gateway into the decentralized finance sector.