The growth rate of blockchain wallet addresses does not always directly correlate with the market cap expansion of mainstream cryptocurrencies. While increasing wallet addresses often signal rising adoption and user interest, which can drive market cap growth, other factors like market sentiment, regulatory developments, and macroeconomic conditions significantly influence price and market cap. For instance, Bitcoin’s market cap surged in 2024 despite varying wallet growth rates, driven by institutional adoption and ETF approvals. Data from Triple-A shows over 320 million crypto users globally in 2022, but market cap fluctuations, as seen in Statista’s 2024 report, reflect volatility beyond user growth. Thus, wallet address growth is a partial indicator of market cap trends.