Digital asset exchange and payment platform Crypto.com says that the number of global crypto users has massively surged in the first half of 2021.
In a new study, Crypto.com claims that the growth of the global crypto market has rapidly accelerated from 106 million users in January to 221 million users in June.
The crypto exchange says that Bitcoin’s meteoric rise earlier this year is the primary contributor to the explosion in size of the crypto population.
“We can see that January, February, and April were exceptionally strong months, driven by Bitcoin’s stellar performance. However, May was also extraordinary, given Bitcoin and Ethereum’s price plunge…
Notably, it only took four months to double the global crypto population from 100 million to 200 million. By comparison, it took nine months to reach 100 million from 65 million since we began tracking these numbers.”
Crypto.com says that crypto adoption was also driven by the entry of institutional players, such as payments giant PayPal and enterprise analytics company MicroStrategy.
“Bitcoin led growth from January to April, as heavyweight institutions like PayPal, MicroStrategy, Visa, and Mastercard announced plans to support crypto. Similarly, Ethereum saw significant growth in May and June as institutional investors continued to favor the token.”
Looking at altcoins, the crypto exchange says that the growing interest in digital assets other than Bitcoin is likely due to the increase in investors who took notice of meme cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB).
“Altcoin adoption was likely spurred by the influx of new users who were interested in tokens like Shiba Token (SHIB) and Dogecoin (DOGE), among others.”
According to Crypto.com, the study is based on data from 24 digital asset exchanges, including Binance, Bitfinex and Gemini.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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