Crypto.com has released its latest research report on the global market size of crypto users showing that the market more than doubled in the first half of 2021, to 221 million users. Crypto.com’s research methodology assesses on-chain data with additional blended parameters to estimate the number of global crypto owners. The latest report compiles data from the 24 largest crypto platforms worldwide, utilising an improved research methodology.
Key takeaways of the July 2021 study:
- The number of global crypto users reached 221 million in June 2021.
- The global crypto user base almost doubled in only four months (Feb – May ‘21) from 106 million to 203 million.
- Although Bitcoin drove the growth in January and February of this year, substantial growth in altcoin adoption in May 2021 pushed the global crypto population to a new high.
- Likely events that drove crypto adoption were the massive institutional adoption and facilitation of cryptocurrency trading, along with the celebrity effect from Elon Musk.
The comprehensive study analysed data on Bitcoin, Ethereum and altcoin adoption, compiling a full picture of how the crypto population has trended in the first half of 2021.
It only took four months to double the global crypto 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 breakdown into Bitcoin vs. Ethereum users reveals strong upward trends. Bitcoin led growth from January to April, as heavyweight institutions like PayPal, Microstrategy, Visa and Mastercard announced acquisitions and plans to support crypto. Ethereum saw significant growth in May and June as institutional investors continued to favour Ethereum.
January to April were exceptionally bullish months driven by the strong performance of Bitcoin. But May brought a landmark event: Elon Musk’s criticism of Bitcoin correlated to a drop in both the price of Bitcoin and number of Bitcoin owners, along with Ethereum. Altcoin ownership on the other hand increased by almost 50% led by SHIB and DOGE, among others.
“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” said Kris Marszalek, Co-Founder and CEO of Crypto.com. “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.”