Recovery of the cryptocurrency market and growth in the number of Bitcoin ATMs
Date: 2024-07-01 Author: Henry Casey Categories: CRYPTO PAYMENTS
According to Coin ATM Radar, there are currently 38,279 cryptocurrency ATMs operating in the world. This figure almost reached the record high of 39,541 devices set in December 2022.
With the recovery of the cryptocurrency market over the past 11 months, the number of crypto ATMs has increased significantly. During this period, almost 6,000 new devices were put into operation. These ATMs are installed in 72 countries and manufactured by 43 different companies, which indicates the increased demand and trust in cryptocurrencies among the population.
Downturn during a bear market
During the bear market that lasted from the second half of 2022 to July 2023, the number of crypto ATMs dropped significantly. Then their number fell below 33,000 devices. This decline was due to the general decline in interest in cryptocurrencies and the financial difficulties faced by the industry.
In 2024, 2,564 crypto ATMs were installed in the world. At the same time, 2,861 devices were taken out of service in 2023, which also affected the overall dynamics of growth and decline in the number of crypto-ATMs.
The largest number of crypto ATMs is located in the United States - 31,916 devices. Canada is second with 3,024 ATMs, and Australia is third with 1,107.
Growth prospects in Australia
Australia is showing stable growth dynamics and may surpass Europe, where there are currently 1,584 Bitcoin ATMs installed. In April, Australia passed the 1,000 device mark and continues to increase their number.
El Salvador, which in 2021 became the first country to recognize Bitcoin as legal tender, has 215 crypto ATMs. This highlights the importance of Bitcoin to the country's economy and its desire to integrate cryptocurrencies into the daily lives of citizens.
Predominant cryptocurrencies in ATMs
Today, the most represented asset in crypto ATMs is Bitcoin, which is available on almost all devices. Ethereum and Litecoin are also widely used, demonstrating the variety of cryptocurrency services on offer and the growing popularity of alternative digital assets.
The cryptocurrency market continues to recover, which has a positive effect on the increase in the number of Bitcoin ATMs around the world. Steady growth in countries such as the USA, Canada and Australia, as well as the positive experience of El Salvador, indicate the strengthening of the position of cryptocurrencies and their integration into the global financial system.
