- Crypto.com research reveals that global crypto adoption has doubled since January.
- As of June 2021, the number of global crypto users has reached 221 million.
According to the latest research by Crypto.com, the market size of crypto users globally has more than doubled in the first half of this year. The report showed that there are now 221 million crypto users in the global market. While compiling the result, Crypto.com analyzed on-chain data with other parameters. The research utilized data garnered from the 24 largest crypto platforms in the world.
Crypto users globally doubled between January and June 2021
Noting that the number of crypto users globally reached 221 million in June, the report stated that crypto users all over the world nearly doubled in just about four months. The market size, which was around 106 million earlier this year in February, increased to 203 million in May.
Before then, the global crypto user base advanced from 65 million to 100 million within nine months, beginning from when Crypto.com started using the new research methodology in May last year.
Notably, Bitcoin fueled the growth recorded in the first two months of the year. Additionally, there was a significant growth in the adoption of altcoins in May, which supported the total crypto market size to a new high.
Factors behind increased crypto adoption in the last six months
The report tied the surge in crypto adoption to some notable events in the crypto space. Firstly, there is an increase in the number of institutional investors in cryptocurrencies. More specifically, Bitcoin led the global crypto adoption from January through April. During the period, institutions like PayPal, Visa, Mastercard, and MicroStrategy announced their BTC investments. These giants announced their Bitcoin acquisitions and declared their support for the top coin. Following the announcement, Bitcoin saw notable increases in its adoption.
Likewise, the second crypto by market cap, Ethereum, also grew in May and June with a spike in institutional demand.
The Crypto.com research also mentions Tesla CEO Elon Musk as one of the influencers of the increased crypto adoption globally. After Musk triggered a rise in Bitcoin earlier, the electric vehicle (EV) company CEO also caused a dip in the value of the cryptocurrency. After entering 2021 on a high note, Bitcoin continued to pull in gains and reach new record highs between January and early April. However, the coin began to drop following Musk’s criticism of Bitcoin mining. As Bitcoin started losing its value, the number of Bitcoin and Ethereum holders also began to reduce. However, other altcoins, led by SHIB and DOGE, recorded an improvement of about 50 percent in the number of holders.
The co-founder and CEO of Crypto.com commented:
Our Research and Insights team have continued to fine tune their market assessments, giving us and the broader community a clear understanding of the market, 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.