Crypto community grew by 100% in four months – Report
TL; DR Breakdown
- New report reveals that global crypto users have doubled since January
- Altcoins are the major focus for new users
- Adoption is rising
The number of crypto users in the world has increased exponentially since January this year. That’s according to a report released by Crypto.com, a crypto exchange. The entity started tracking numbers of users back in May 2020.
To develop a report of global users, Crypto.com pooled data from over 20 large exchanges, including Coinbase, Binance, and Huobi. It also conducts an on-chain analysis of the data with some added special parameters designed for better accuracy.
Crypto adoption on the rise
According to the report, the crypto space has continued to attract new fans, with the months between the end of January and the beginning of June being the most significant. There was a 100% surge in new users over this period, growing the numbers from around 106 million to close to 203 million. That means it only took less than 6 months for the community to double.
Interestingly, the number of users was at around 65 million at the time when the entity started tracking the markets and users in 2020, and it took a whole 9 months for this number to increase to 100 million. This is a clear indication that the world is taking up the new digital assets at an accelerated pace. This could be a result of the rising popularity of digital coins and the attention given to them by popular people like Elon Musk.
Altcoins gaining ground
The report notes that the number of new entrants interested in the top coins like Bitcoin and Ethereum has fallen sharply. Most of the new users are more focused on other Altcoins like the currently popular Dogecoin (DOGE). In the case of DOGE, it could be attributed to Elon Musk’s massive support of the coin and his recent negative remarks about Bitcoin’s energy usage. Being an influential person with a huge following, it’s easy to see why new users would want to join his DOGE camp.