A new report issued by Crypto.com, a cryptocurrency exchange and
fintech services firm, discovered that the number of people using
cryptocurrencies has more than doubled since January, reaching 221
million last June. The report states that the rise of the defi movement,
institutions like Tesla, Visa, Mastercard, and Microstrategy adopting
cryptocurrency, and El Salvador establishing bitcoin as legal tender,
were important events that helped to popularize crypto even more.
Cryptocurrency Userbase Jumps to 221 Million Worldwide, According to Crypto.com Report
Crypto.com’s “Measuring Global Crypto Users” report
found that the number of cryptocurrency users more than doubled during
the first half of the year. Cryptocurrency adoption went from 106
million in January to 221 million in June, principally powered by the
bull market that took bitcoin (BTC)
to all-time highs during Q1. The report included information from the
leading crypto exchanges in the market, including Binance, Bitfinex,
Gemini, Huobi, Kraken, Okex, and Upbit among others.
The number of Ethereum users increased during the second quarter, as
positive news and investor interest grew around the token. However, it
was the meme coin boom and the altcoin push that happened during the two
last months of the second quarter that catapulted adoption to new
highs. Tokens like shiba inu (SHIB) and dogecoin (DOGE) were immensely popular and drove interest from users outside the market, powered by figures like Elon Musk putting them in the spotlight.
Accelerated Growth
The growth of cryptocurrency users has also been accelerating this
last year, meaning that more users are learning about these alternatives
to fiat money. The first cryptocurrency adoption report, which dates
from May 2020, noticed it took nine months to reach 100 million from 65
million users. However, now it only took six months for the userbase to
grow from 106 to 221 million.
Altcoins are a big part of this trend. These have started eating the
market share of already established cryptocurrencies like bitcoin and
ethereum, likely due to the entrance of new users into the market. At
the start of the year, altcoins holders accounted for just 20% of the
total cryptocurrency users. but at the end of the second quarter, this
percentage grew to 38%.
Seeing the big picture, this has been a very good year for
cryptocurrency adoption until now, as both institutions and retail
holders have turned to crypto. About this, Kris Marszalek, CEO of
Crypto.com, stated:
The growth we have seen in the first half of 2021 on our platform and
industry-wide is very encouraging, and we will continue investing
heavily as we pursue our goal of putting cryptocurr
source link : https://news.bitcoin.com/global-cryptocurrency-adoption-doubled-since-january-reaching-221-million-users-report/
