Do you already have a crypto like Bitcoin? Lots of other people do. The use of cryptocurrencies has increased enormously worldwide.
There is a new report out from Crypto.com. This is a cryptocurrency exchange and fintech service company. The company found that the number of people using cryptos has more than doubled since January this year, reaching 221 million users. The market is therefore growing steadily.
Global use of cryptocurrencies increased
There are many reasons for this acceptance. Such as the rise of institutions such as Tesla, Visa, Mastercard and Microstrategy adopting cryptocurrency. And for example El Salvador that sees Bitcoin as legal tender, these are important events that helped to popularize crypto even more.
The report is called “Measuring Global Crypto Users” and it shows that the number of cryptocurrency users more than doubled in the first half of the year. Cryptocurrency adoption went from 106 million in January to 221 million in June, mainly driven by the bull market that took Bitcoin to record highs during the first quarter. The report included information from the leading crypto exchanges in the market. Think of Binance, Bitfinex, Gemini and Kraken.
Fast growth
The number of users grew rapidly. Many people get in because they don’t want to miss the boat. The first cryptocurrency adoption report, dated May 2020, noted that it took nine months to reach 100 million from 65 million users. Now, however, it only took six months for the user base to grow from 106 to 221 million.
Altcoins also play a significant role in this. These have started eating up the market share of already established cryptocurrencies such as Ethereum. Probably due to the arrival of new users on the market. At the start of the year, altcoins holders accounted for just 20% of total cryptocurrency users. But if we look now, this grew to a percentage of 38% in the second quarter.
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