The number of cryptocurrency users appears to have doubled since January 21 this year, according to new research on global cryptocurrency adoption by Crypto.com.
The report gathered information from 24 leading trading platforms using on-chain data based on various criteria.
The study found more than 220 million users by the end of June 2021.
In February and May, the influx of new users peaked at 203 million.
While this number was estimated at 106 million users only in January 2021.
Alternative Cryptocurrency Market Rise Thanks to SHIB and DOGE!
The altcoin market also gained significant growth during the first months of 2021, seeing the number of users increase to an all-time high.
Interestingly, the report highlighted that the growth rate of Ethereum trading volume has surpassed Bitcoin this year.
According to a Coinbase report, Ethereum trading volume increased by more than 1,400% during the first six months of 2021, taking Ethereum trading volume to $1.4 trillion.
After the market crash in April, Ethereum witnessed massive institutional interest that peaked during May and towards the end of June.
According to the report, SHIB and DOGE were responsible for the increased interest in the altcoin market.
It’s hard to find exact returns for SHIB, but on-chain data shows DOGE rose more than 3663% in the first half of 2021.
Said Chris Marsalek, co-founder of Crypto.com commented:
The growth we saw in the first half of 2021 on our platform and across the industry is very encouraging, and we will continue to invest heavily as we pursue our goal of putting cryptocurrency into every wallet.
Will crypto fever go down?
The cryptocurrency market has seen a huge boost due in large part to institutional adoption.
The early months of 2021 were bullish for most currencies, especially bitcoin, as many hedge fund managers, famous billionaires, and institutional investors saw bitcoin as a safe store of value and an alternative to precious metals like gold.
Vasant Prabhu, Chief Financial Officer, Visa, said:
The crypto fever has begun to subside with the decline in crypto-related transactions through “Visa”.
Transactions were buoyant in the first two months of the third quarter, posting an increase of 47% and 56% for cross-border transactions.
But the latest study from crypto.com sees otherwise, as the number of users and people coming to the crypto market has increased significantly, which is shown by the numbers that can be accessed from the link .