As crypto became more accessible and acceptable, it also became more mainstream and diverse. The rate of crypto ownership in the U.S. grew by 10 percentage points in 2023, reaching 40 percent at the start of 2024. This means that as many as 93 million Americans may hold one or more cryptocurrencies. The rate of crypto ownership by women also surged from 18 percent in 2023 to 29 percent in 2024, narrowing the gender gap in the crypto space4.
The most popular cryptocurrencies in 2024 were Bitcoin, Ethereum, Dogecoin, and Cardano, according to a survey by Security.org4. Bitcoin remained the dominant and most trusted crypto, with a market capitalization of over $1.3 trillion as of January 20245. Ethereum, the second-largest crypto, also reached new heights, as it completed its transition to a more scalable and sustainable network, dubbed Ethereum 2.0, in December 2023. Ethereum also supported the growth of decentralized applications (DApps) and decentralized finance (DeFi) protocols, which offered various financial services such as lending, borrowing, trading, and investing, without intermediaries or centralized control.
Dogecoin, the meme-inspired crypto that started as a joke, became a cultural phenomenon in 2023 and 2024, thanks to the relentless support and promotion of celebrities like Elon Musk, Mark Cuban, and Snoop Dogg. Dogecoin also benefited from the rise of social media and online communities, such as Reddit’s r/WallStreetBets, which coordinated mass buying campaigns to boost its price and popularity. Dogecoin reached a peak of $0.74 in May 2023, making it the fourth-largest crypto by market cap at the time.
Cardano, another smart contract platform that competes with Ethereum, also gained traction in 2023 and 2024, as it launched several upgrades and partnerships that enhanced its functionality and adoption. Cardano’s most notable achievement was its collaboration with the government of Ethiopia, which aimed to use its blockchain technology to create a digital identity system for 5 million students and teachers. Cardano also claimed to be more energy-efficient and environmentally friendly than Bitcoin and Ethereum, as it used a proof-of-stake (PoS) consensus mechanism that consumes much less electricity and emits less carbon dioxide.
