A new report issued by Crypto.com, a cryptocurrency exchange and fintech services firm, discovered that the number of people using cryptocurrencies has more than doubled since January, reaching 221 million last June. According to the report, the rise in the defi movement, the adoption of cryptocurrency by institutions such as Visa, Mastercard and Microstrategy, and El Salvador’s legalization of bitcoin were key events that made crypto more popular.

Cryptocurrency Userbase Jumps to 221 Million Worldwide, According to Crypto.com Report

Crypto.com’s “Measuring Global Crypto Users” report found that the number of cryptocurrency users more than doubled during the first half of the year. Cryptocurrency adoption went from 106 million in January to 221 million in June, principally powered by the bull market that took bitcoin (BTC) to all-time highs during Q1. This report featured information from some of the top crypto exchanges, such as Bitfinex and Gemini, Okex, Okex, Kraken, Okex and Upbit.

Ethereum usage grew during the second quarter due to investor interest and positive news. The second quarter’s meme coin boom and altcoin push, which occurred in the last two months of the second quarter, was what drove adoption to new heights. Tokens like shiba inu (SHIB) and dogecoin (DOGE) were immensely popular and drove interest from users outside the market, powered by figures like Elon Musk putting them in the spotlight.

Accelerated Growth

The growth in cryptocurrency users has been increasing over the last year. This means that more people are becoming aware of these alternative to fiat money. The first cryptocurrency adoption report, which dates from May 2020, noticed it took nine months to reach 100 million from 65 million users. However, now it only took six months for the userbase to grow from 106 to 221 million.

Altcoins make up a large part of this trend. They have taken over the market share of established cryptocurrencies such as bitcoin and ethereum due to new users entering the market. At the start of the year, altcoins holders accounted for just 20% of the total cryptocurrency users. but at the end of the second quarter, this percentage grew to 38%.

Looking at the bigger picture, 2018 has been a good year for cryptocurrency adoption. Both institutions and retail holders are now using crypto. 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.

What do you think about Crypto.com’s latest cryptocurrency adoption report? Please leave your comments below.

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