Worldwide Crypto Usage Rose by Over 100% in 1H21
As per Crypto.com’s newest study, the international market for crypto users has grown by over 100% in the first half of 2021. According to the research, the worldwide crypto industry now has 221 million users. Crypto.com evaluated on-chain statistics with other variables when preparing the conclusion. The study drew on statistics from 24 major cryptocurrency exchanges worldwide.
The research said that the count of crypto users worldwide hit 221 million in June, implying that the proportion of crypto users worldwide virtually doubled in only four months. The size of crypto market, which was about 106 million in February 2021, grew to 203 million in May. Prior to that, the worldwide crypto user population grew from 65 million to 100 million in nine months, starting in May 2020, when Crypto.com began utilizing the new procedure for study.
Bitcoin, in particular, spurred the year’s initial two months of adoption. In May, there was also a substantial increase in altcoin uptake, helping to push the entire crypto market capitalization to a record high. The research attributed the rise in crypto acceptance to a number of significant developments in the crypto world.
For starters, the proportion of institutional investors in crypto is increasing. From January through April, Bitcoin was the most popular cryptocurrency in the world. Institutions such as PayPal, Visa, Mastercard, and MicroStrategy revealed their BTC investments around this time.
These behemoths revealed their Bitcoin purchases and pledged their commitment for the leading cryptocurrency. Bitcoin’s adoption increased significantly after the revelation. Similarly, Ethereum, the second-largest cryptocurrency by market capitalization, rose in May and June due to increased institutional appetite.
Elon Musk, the CEO of Tesla, is included in the Crypto.com report as one of the worldwide influencers of rising crypto usage. Musk, who had previously induced an increase in Bitcoin’s value, has now led to a decline in the cryptocurrency’s worth. From January to the beginning of April, after starting the year on a positive note, Bitcoin appreciated rapidly and set new peaks in price.
After Musk’s critical analysis of Bitcoin mining, nevertheless, the cryptocurrency plunged in value. As Bitcoin’s value took a nose dive, so did the count of Bitcoin and Ethereum owners. Other cryptocurrencies, headed by SHIB and DOGE, nevertheless, saw a 50% increase in their count of holders. “Our Research and Insights division has managed to tweak its market evaluations, offering us and the larger society a clear knowledge about the market,” said the co-founder and CEO of Crypto.com.
The momentum we’ve witnessed on our platform and across the sector in the initial half of this year is incredibly promising, and we’ll keep investing aggressively to achieve our objective of placing cryptocurrency in every home.