A report by Crypto.com has shown that the number of crypto users across the world grew by 16% in the month of January alone. According to the report, the increasing value of Bitcoin and other digital assets brought in many new users to the industry.
The leading crypto exchange and debit card provider, noted that it was almost impossible to track and record the number of active traders but it adapted a method that uses both on-chain data and also different parameters to find separate estimates for the two largest digital coins by market cap. This method was able to produce a result that can be used to measure the number of crypto users across the universe.
Thus, by using the above mentioned analysis, the exchange was able to come to a conclusion that crypto users in the world grew from 66 million to 106 million. The report also highlighted that Bitcoin saw its users increase to 71 million while that of Ethereum grew to 14 million.
The research manager of the exchange, Kevin Wang, mentioned that the number of users surged in the months of June 2020, August 2020 and January 2021. Notably, it was around this period that the value of virtual currencies spiked higher which pulled more users to the space.