The number of global crypto users increased to 221 million in June 2021, according to latest report by Crypto.com.
Titled ‘Measuring global crypto users: A study to measure market size using on-chain metrics, July 2021’, the report revealed that January, February and April were exceptionally strong months for cryptocurrencies in the light of Bitcoin bear run.
It said, “There are several interesting things to note when the data is broken down into Bitcoin and Ethereum users.
“Bitcoin led growth from January to April, as heavyweight institutions like PayPal, Microstrategy, Visa, and Mastercard announced plans to support crypto. Similarly, Ethereum saw significant growth in May and June as institutional investors continued to favour the token.”
The report made an analysis on user’s data from crypto platforms like Crypto.com, Binance, Bitfinex, Bittrex, BitMax, Bithumb, Bitstamp, Gemini, Huobi, Kraken, KuCoin, OKEx, Liquid, BitFlyer, Gate.io, Zaif, Poloniex, UPbit, BitMEX, Deribit, FTX, itBit, HitBTC, and Bybit.”
It said of the total number, there were 114 million total number of Bitcoin owners globally, and 23 million total Ethereum owners globally as of June.
The report said at May 2020, there were about 66 million crypto users in the world, adding that in the second half of 2020, there was accelerated adoption with the rise of DeFi in August, PayPal’s introduction of crypto purchases to US users in November and institutional adoption in December.
It said, “Notably, it only took four months to double the global crypto population from 100 million to 200 million. By comparison, it took nine months to reach 100 million from 65 million since we began tracking these numbers.
“When checking the composition of crypto owners, we found that Bitcoin and Ethereum were losing their market shares. New challengers like Proof-of-Stake protocols and meme tokens showed great potential in May, especially after Bitcoin mining came under more scrutiny.”
The report revealed that crypto adoption is accelerating in 2021, especially with nations such as El Salvador accepting Bitcoin as legal tender.