- Crypto.com claims that the number of crypto users has surpassed 100 million.
- Adoption not affected by regulatory uncertainties.
- Market has the potential to reach $2 trillion.
The crypto market continues to generate buzz even as the prices stumble. A recent report by a popular firm puts the number of users globally at over 100 million as at January 2021. This development is a clear sign that cryptocurrencies have gained traction over the last few months and more entrants are stepping in and accumulating.
The report was released by Crypto.com, a firm that provides crypto-based lending services, trading, and payment cards. The firm, based in Honk Kong, also noted that its users have increased from 5 million to 10 million over the last 4 months.
Bitcoin and DeFi
According to the analysts, the boom in the number of users flocking into the digital asset space has largely been influenced by Bitcoin and DeFi. Bitcoin’s price took a sharp upswing right at the start of the year, sending FOMO waves across the financial world. Ethereum-based DeFi projects have also been part of the market evolution that has seen even institutional investors put money in digital coins.
Crypto market cruising to $2 trillion
It’s notable that the market has been doing impressively since the start of 2021, with the total market cap moving from around $750 billion at the start of the year to $1.75 trillion at the height of BTC’s new ATH at $58k a few days ago. Bitcoin has since rolled back a bit to settle within the $45k – $50k range. BTC currently posts close to $870 billion in market cap, with the entire crypto market cap standing at around $1.4 trillion at the time of this writing. With bullish sentiments still running high, the total market cap is expected to soon hit $2 trillion.
Regulatory issues make no dent
One of the issues that have plagued the industry for years is regulation, but it doesn’t seem to have made a dent in the market this time. In fact, institutions like Grayscale and MicroStrategy have been driving adoption and leading the race for accumulation.