Last Updated: 31 July 2021
According to a report issued by crypto.com, the number of people who have adopted cryptocurrency has doubled as compared to the number of people using it in January 2021. In June 2021, the number of people using cryptocurrency is 221 million now. The reason that cryptocurrency is gaining more popularity now is that big companies like the defi movement, Tesla, Mastercard, Visa, and Microstrategy have adopted bitcoin. Moreover, El Salvador also legalized bitcoin which also played a vital role in the rising popularity of cryptocurrency.
The Number of Users Using Cryptocurrency Increased to 221 Million
Crypto.com’s Estimating Global Crypto Users report tracked down that the number of digital money clients dramatically increased during the main portion of the year. Cryptocurrency reception went from 106 million in January to 221 million in June, basically controlled by the buyer market that took bitcoin (BTC) to unequaled highs during Q1. The report included data from the main crypto traders on the lookout, including Binance, Bitfinex, Gemini, Huobi, Kraken, Okex, and Upbit among others.
The quantity of Ethereum clients expanded during the subsequent quarter, as sure news and financial backer interest developed around the token. Nonetheless, it was the image coin blast and the altcoin push that occurred during the two last a very long time of the second quarter that launched reception to new highs. Tokens like Shiba Inu (SHIB) and dogecoin (DOGE) were monstrously famous and drove revenue from clients outside the market, controlled by figures like Elon Musk placing them at the center of attention.
Rising Popularity of Cryptocurrency
The development of digital currency clients has likewise been speeding up this last year, implying that more clients are finding out about these options in contrast to fiat cash. The main digital money reception report, which dates from May 2020, saw it required nine months to arrive at 100 million from 65 million clients. In any case, presently it just required a half year for the user base to develop from 106 to 221 million. Altcoins are a major piece of this pattern.
These have begun eating the portion of the overall industry of effectively settled digital currencies like bitcoin and ethereum, likely because of the passageway of new clients into the market. Toward the beginning of the year, altcoins holders represented only 20% of the all-out cryptographic money clients. Yet, toward the finish of the subsequent quarter, this rate developed to 38%.
Seeing the higher perspective, this has been a generally excellent year for digital money reception as of not long ago, as the two establishments and retail holders have gone to crypto. About this, Kris Marszalek, CEO of Crypto.com, expressed that the development that will be found in the main portion of 2021 on our foundation and industry-wide is exceptionally reassuring, and we will keep contributing vigorously as we seek after our objective of placing digital money in each wallet.
The rising popularity of cryptocurrency despite the drop in the market is because of the understanding that cryptocurrency can potentially replace traditional money as explained by many experts. However, not all experts are in favor of adopting cryptocurrency as a global currency.