A new report released by Crypto.com, a cryptocurrency exchange and fintech services company, found that the number of people using cryptocurrencies has more than doubled since January, reaching 221 million last June. The report says the rise of the challenge movement, with institutions like Tesla, Visa, Mastercard and Microstrategy embracing cryptocurrency, and El Salvador establishing bitcoin as legal tender, were significant events that helped popularize crypto even further. .

Cryptocurrency User Base Grows To 221 Million Worldwide, Crypto.com Report Says

Crypto.com’s “Measuring Global Crypto Users” report found that the number of cryptocurrency users more than doubled in the first half of the year. Cryptocurrency adoption rose from 106 million in January to 221 million in June, mainly fueled by the bull market which took bitcoin (BTC) to all-time highs in the first quarter. The report included information from the major crypto exchanges in the market, including Binance, Bitfinex, Gemini, Huobi, Kraken, Okex, and Upbit, among others.

The number of Ethereum users increased in the second quarter as positive news and investor interest increased around the token. However, it was the coin boom and altcoin surge that occurred in the last two months of the second quarter that catapulted adoption to new highs. Tokens like shiba inu (SHIB) and dogecoin (DOGE) were immensely popular and captured the interest of users outside the market, fueled by figures like Elon Musk putting them in the spotlight.

Accelerated growth

The growth of cryptocurrency users has also accelerated last year, which means more users are discovering these alternatives to fiat money. The first cryptocurrency adoption report, which dates from May 2020, noted that it took nine months to reach 100 million out of 65 million users. However, it only took six months for the user base to grow from 106 million to 221 million.

Altcoins are a big part of this trend. These have started to eat up the market share of already established cryptocurrencies like bitcoin and ethereum, possibly due to the entry of new users into the market. At the start of the year, altcoin holders made up only 20% of total cryptocurrency users. but by the end of the second trimester, this percentage rose to 38%.

Considering the bigger picture, this has been a very good year for cryptocurrency adoption so far as institutions and retailers have turned to crypto. Regarding this, Kris Marszalek, CEO of Crypto.com, said:

The growth we have seen in the first half of 2021 on our platform and across the industry is very encouraging, and we will continue to invest heavily in pursuing 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.

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