Fueled by recent skyrocketing of bitcoin growth in valuation and adoption, the global crypto user base increased by 16% to exceed 100 million.
As per a report published by Crypto exchange and debit card provider Crypto.com estimating that the total number of crypto users globally rose from 66 million in May 2020 to 106 million by January 2021.
Crypto.com combined on-chain data with several blended parameters to calculate separate estimates for the two largest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ether (ETH). However, over-the-counter users and off-chain transactions are not captured effectively. Also, Crypto.com had to assume and estimate how many on-chain users still own crypto today, versus the number likely to have already sold their holdings
These figures then yield a total that can be plotted to track trends in the growth of global users over time. THE TREND Statistically speaking, during the last eight months, June 2020, August 2020 and January 2021 have shown the highest growth. This growth however seems to correlate with strong valuation for Bitcoin, but deeper analysis of data between the two coins can provide more specific insights.
In particular, growth in August 2020 was largely fueled by Ethereum due to the popularization of decentralized finance. Getting into the autumn and winter months, PayPal’s launch of support for crypto purchases for United States-based users in November 2020 and institutional adoption from Grayscale and Microstrategy caught up with strong Bitcoin price performance to promote yet wider acceptance.
By January 2021, the global number of Bitcoin users was estimated to be 71 million, as compared with 14 million for Ether. Each coin registered a tremendous growth in users that month — 30.2% and 13.1%, respectively.
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