Adoption of Global Cryptocurrency Doubled Now, Reaching 221 Million Users
According to new information provided from Crypto.com, a crypto-monetary exchange, and financial services firm. The number of people who use cryptocurrencies has more than tripled since January. Thus, it reached 221 million in June of last year. This is according to new information provided from Crypto.com, a crypto-monetary exchange, and financial services firm. The research has found that the development of the DeFi movement, the use of crypto-monetary systems by firms like Tesla, Visa, MasterCard, Microstrategy. Moreover, bitcoin legalizing in El Salvador was an important event to encourage crypto-monetary activity.
Rapid Growth
The number of people using bitcoin has more than doubled over the first half of the year, according to the report by Crypto.com, “Measuring Global Crypto Users.” Cryptocurrency consumption surged from 106 million in January. Primarily due to the bull market that led to the all-time high of bitcoin (BTC) in the first quarter to 221 million in June. The research contains information from the leading cryptogram trade on the market. Among others are Binance, Bitfinex, Gemini, Huobi, Kraken, Okex, and Upbit.
The number of Ethereum users grew during the second quarter. While favourable news and investment interest in the currency grew. However, over the latter two months of the second quarter. The coin boom and the Altcoin push led to new highs of adoption. Tokens like Shiba Inu (SHIB) and Dogecoin (DOGE), owing to personalities like Elon Musk putting it on the map, were highly popular. Furthermore, it generally attracted interest from customers beyond the market.
More individuals are also becoming aware of these alternatives to conventional money during the past year. Thus it shows that Bitcoin users have risen. The first cryptocurrency adoption survey, published in May 2020, found that 100 million users out of 65 million needed nine months. However, the growth from 106 million to 221 million took only six months.
The Vision of Cryptocurrency in Every Wallet
In this movement, Altcoins play an important role. The latter has started to reduce the market share of more established cryptocurrencies. Especially bitcoin and ether, perhaps due to new users’ influx into the market. At the beginning of the year, Altcoin owners represented just 20% of all users of cryptocurrency. But this number increased to 38 percent at the end of the second quarter. 2018 has been a remarkable year for the acceptance of crypto-monetary systems so far, with both institutions and retail holders turned into cryptographic systems.
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 cryptocurrency in every wallet”.
