Cryptocurrency Users Increase by Over 100%, Hits 221 Million

In what is perhaps an unsurprising confirmation of the massive increase in the acceptance of cryptocurrency globally, the number of people who use it globally has doubled since January this year. 

According to a new report by Crypto.com, the number of cryptocurrency users, as at June this year, now stands at 221 million.  The report, titled Measuring Global Crypto Users, indicated that the rise in the number of crypto users from 106 million in January to 221 million in June, was majorly driven by the bull market which took bitcoin (BTC) to all-time highs during Q1. 

Leading crypto exchanges in the market, like Binance, Bitfinex, Gemini, Huobi, Kraken, Okex, and Upbit among others, were also pinpointed as playing very significant roles in the rise. 

While the report stated that the increase in the number of Ethereum users during the second quarter was a positive news that led to an increase in investors’ interest around the token, it noted that it was the meme coin boom and the altcoin push that happened during the two last months of the second quarter that catapulted adoption to new highs.

Tokens like Shiba Inu (SHIB) and Dogecoin (DOGE) topped the list of the mere coins that drove interest from users outside the market, powered by figures like Elon Musk putting them in the spotlight.

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 are a big part of this trend. These have started eating the market share of already established cryptocurrencies like bitcoin and ethereum, likely due to the entrance of new users into the market. At the start of the year, altcoins holders accounted for just 20 percent of the total cryptocurrency users. but at the end of the second quarter, this percentage grew to 38 percent.

“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,” Kris Marszalek, the CEO of Crypto.com, while speaking on the development.

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