Jul 31, 2021 08:02 UTC
Jul 31, 2021 at 08:02 UTC
Global Cryptocurrency Adoption Doubled Since January Reaching 221 Million Users
A new report issued by Crypto.com, a cryptocurrency exchange, and fintech services firm, discovered that the quantity of individuals using cryptocurrencies has over doubled since January, reaching 221 million last June. The report states that the increase of the defi movement, establishments like Tesla, Visa, Mastercard, and Microstrategy adopting cryptocurrency, and El Salvador establishing bitcoin as tender, were vital events that helped to popularize crypto even a lot of.
Cryptocurrency Userbase Jumps to 221 Million Worldwide, per Crypto.com Report
Crypto.com’s “Measuring world Crypto Users” report found that the quantity of cryptocurrency users doubled throughout the first 1/2 of the year. Cryptocurrency adoption went from 106 million in January to 221 million in June, in the main high-powered by the securities industry that took bitcoin (BTC) to incomparable highs throughout Q1. The report enclosed data from the leading crypto exchanges within the market, as well as Binance, Bitfinex, Gemini, Huobi, Kraken, Okex, and Upbit among others.
The number of Ethereum users augmented throughout the second quarter, as positive news and capitalist interest grew round the token. However, it had been the meme coin boom and therefore the altcoin push that happened throughout the 2 last months of the second quarter that catapulted adoption to new highs. Tokens like shiba inu (SHIB) and dogecoin (DOGE) were vastly well-liked and drove interest from users outside the market, high-powered by figures like Elon Musk swinging them within the spotlight.
The growth of cryptocurrency users has additionally been fast this last year, which means that a lot of users are learning regarding these alternatives to paper currency. The first-ever cryptocurrency adoption report, which dates from May 2020, detected it took 9 months to achieve 100 million from 65 million users. However, currently, it solely took six months for the userbase to grow from 106 to 221 million.
Altcoins are a giant part of this trend. These have started intake the market share of already established cryptocurrencies like bitcoin and ethereum, seemingly because of the doorway of latest users into the market. At the beginning of the year, altcoins holders accounted for simply 20% of the full cryptocurrency users. however at the end of the second quarter, this proportion grew to 38%.
Seeing the large image, this has been an awfully great year for cryptocurrency adoption up to now, as each institution and retail holders have turned to crypto. About this, Kris Marszalek, business executive of Crypto.com, stated:
“The growth we’ve seen within the half of 2021 on our platform and industry-wide is extremely encouraging. We will continue to finance heavily as we pursue our goal of putting cryptocurrency in each wallet”.