A new report released by cryptocurrency exchange and financial technology services company Crypto.com found that the number of people using cryptocurrencies has more than doubled since January, reaching 221 million in June last year. The report pointed out that the rise of the defi movement, the adoption of cryptocurrencies by institutions such as Tesla, Visa, Mastercard, and Microstrategy, and the establishment of Bitcoin as legal tender in El Salvador are important events that will help further popularize cryptocurrencies.
According to the Crypto.com report, the global cryptocurrency user base jumped to 221 million
Crypto.com’s “Measuring Global Crypto Users” Report It was found that the number of cryptocurrency users more than doubled in the first half of the year. The adoption of cryptocurrencies increased from 106 million in January to 221 million in June, mainly driven by the Bitcoin bull market (Bitcoin) Set an all-time high in the first quarter. The report includes information from leading cryptocurrency exchanges in the market, including Binance, Bitfinex, Gemini, Huobi, Kraken, Okex, and Upbit.
Due to good news and increased investor interest in tokens, the number of Ethereum users increased in the second quarter. However, it was the meme coin boom and altcoin push that occurred during the last two months of the second quarter that pushed the adoption rate to new highs.Like shiba inu (SHIB) and Dogecoin (DOGE) is very popular and has aroused the interest of users outside the market. Its motivation comes from such as Elon Musk Put them in the spotlight.
Last year, the growth of cryptocurrency users was also accelerating, which means that more users are learning about alternatives to these fiat currencies. The first cryptocurrency adoption report dates back to May 2020, and it noted that it took nine months to reach 100 million from 65 million users. However, it took only 6 months for the user base to grow from 106 million to 221 million.
Altcoins are an important part of this trend. These have begun to eat into the market share of established cryptocurrencies such as Bitcoin and Ethereum, which may be due to the entry of new users into the market. At the beginning of this year, altcoin holders accounted for only 20% of the total number of cryptocurrency users. But at the end of the second quarter, this proportion increased to 38%.
From the big picture, this has been a very good year for the adoption of cryptocurrency so far, as both institutions and retail holders have switched to cryptocurrency. On this point, Kris Marszalek, CEO of Crypto.com, statement:
The growth we see in our platform and the industry in the first half of 2021 is very encouraging, and we will continue to invest heavily to achieve our goal of putting cryptocurrency in every wallet.
What do you think of Crypto.com’s latest cryptocurrency adoption report? Tell us in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. The company or the author shall not bear direct or indirect responsibility for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.