According to a study by CoinLedger, a cryptocurrency tax software platform, the average crypto investor earned $887.60 in 2023, a significant improvement from the previous year.
This is in stark contrast to 2022, which has been a tumultuous year for the crypto market, with investors experiencing losses averaging over $7,000 following the collapse of numerous crypto firms and a severe bear market.
CoinLedger CEO David Kemmerer stated that the crypto market is resilient. “It is clear that the cryptocurrency market is growing again,” Kemmerer said and added:
“After the collapse of FTX, the cryptocurrency ecosystem experienced a sharp decline in asset prices. “This latest recovery highlights the resilience of the sector.”
The report's statistics were generated through CoinLedger's dedicated user base of more than 500,000 crypto investors. The majority (80%) of CoinLedger users are from the United States, with 6% in Australia, 5% in Canada, and 9% in other countries.
Ethereum was the most traded crypto asset by number of transactions among CoinLedger users in 2023. Solana, Bitcoin, BNB and Polygon made up the rest of the top five, respectively.
“Although Bitcoin is the world's most popular cryptocurrency, it was the third most sold cryptocurrency,” CoinLedger reported:
“The data supports the narrative that Bitcoin holders are less likely to divest their coins than other crypto asset investors.”
*This is not investment advice.