The total number of cryptocurrency users doubled in the first six months of 2021, mainly due to the adoption of crypto by institutions and the flood of so-called memecoins such as DOGE and SHIB.
The number of cryptocurrency users appears to have doubled since January 21 this year, according to research on global cryptocurrency adoption by Crypto.com.
Over 2% of the world’s population has already had contact with cryptocurrencies.
The report collected information from 24 leading cryptocurrency exchanges using data from networks based on various parameters – identifying over 220 million users by the end of June. February and May are months when the influx of new users reached its peak: 203 million.
The altcoin market also grew significantly in the first months of 2021, recording an increase in the number of users to a record level.
Interestingly, the report highlights that Ethereum has overtaken Bitcoin’s growth this year. Just after the Ethereum market crash in April, it witnessed tremendous interest from institutions that peaked in May and at the end of June.
According to the report, SHIB and DOGE are responsible for the increased interest in the altcoin market. Exact SHIB returns are hard to find, but on-chain data shows DOGE grew by more than 3.663% in the first half of 2021.
“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 cryptocurrencies in every wallet.” said Kris Marshal, co-founder of Crypto.com
According to a Coinbase report, Ethereum’s trading volume grew by more than 1,400% in the first six months of 2021, with turnover in this market soaring to around $ 1.4 trillion.
Is crypto fever getting cold?
The cryptocurrency market has experienced great growth, mainly thanks to the adoption of institutions. The first months of 2021 were positive for most currencies, especially Bitcoin, as various hedge fund managers, famous billionaires and institutional investors saw BTC as a safe means of storing value and a replacement for precious metals such as gold.
As CryptoPotato portal reports, Vasant Prabhu, Visa’s chief financial officer, says the cryptocurrency frenzy is starting to wane as cryptocurrency transactions through Visa decline. Transactions flourished in the first two months of the third quarter, increasing by 47% and 56% for online cross-border transactions.
However, some companies are still working on offering innovative services to their users, such as PayPal, which recently announced work on a new “super app wallet” that will work to provide users with “extra crypto functionality”.
02-08-2021, Mr Advice TEAM