Global cryptocurrency users jumped by more than 100% in the first half of 2021 amid a spike in the adoption of digital currencies. According to the latest research report published by Crypto.com, the total number of crypto users around the world reached 221 million in June 2021.
The international crypto user base nearly doubled between February and May 2021. Overall, the cryptocurrency users jumped from 106 million in January 2021 to 221 million in June 2021. Crypto.com highlighted that the cryptocurrency adoption in January and February was mainly driven by Bitcoin. However, the number of altcoin users surged substantially in May 2021.
According to the research report of crypto.com, Ethereum, the world’s second-largest cryptocurrency, saw significant growth in the total number of users due to retail and institutional adoption.
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“It only took four months to double the global cryptocurrency user base from 100 million to over 200 million. In comparison, it took nine months for the global crypto user base to reach 100 million from 65 million since Crypto.com began using this new research methodology in May 2020,” the research report states.
In December 2020, the total market cap of cryptocurrency assets crossed the $700 billion level. The retail and institutional demand for Bitcoin and other digital currencies increased rapidly in the first five months of 2021. As a result, the overall market cap of cryptocurrencies touched an all-time high of $2.5 trillion in May. Leading global companies including Tesla, MicroStrategy and Meitu started adding cryptocurrency assets to their balance sheets. Furthermore, Crypto.com highlighted the positive impact of the latest crypto announcements from PayPal, Visa and Mastercard.
“Our Research and Insights team have continued to fine-tune their market assessments, giving us and the broader community a clear understanding of the market. 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, Co-Founder and CEO of Crypto.com, said.