Crypto exchanges

Crypto Exchanges Now Up by Over 100k New Users Daily

One of the best metrics to show that crypto is going mainstream is the level of activity on exchanges. The latest data shows that this is happening at an exponential magnitude. According to crypto market analyst Willy Woo, crypto exchanges have experienced a surge of over 350k users every day. This means that across the major exchanges, there are over 100k new users onboarding every day.

Data taken from Glassnode shows that the increase in crypto usage has been rising since 2020, when the current rally picked momentum. It is a similar surge that happened in 2017 when Bitcoin hit a high of $20k. However, unlike in 2017, when primarily retail investors led the rally, the current surge in user growth is also linked to institutional investors.

Since the market rally started, the number of institutional players in crypto has grown quite significantly. Data on institutional investments in crypto shows that the level of crypto investments has shot up from $37 billion to $55 billion year-to-date. Interestingly, big names like Grayscale Investments lead the institutional rush to get into Bitcoin and other cryptocurrencies.

It is also noteworthy that institutional players are not just getting into crypto. They are also very bullish on it. JP Morgan, one of the world’s most recognized institutional players, has a price target of $146k on Bitcoin. Others have even more ambitious price targets. Citibank says that it expects Bitcoin to hit $300k by 2023. All this points to a market that is at the crisp of mainstream adoption.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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