Since January of this year, the global number of cryptocurrency users has exploded. According to a study published by Crypto.com, a cryptocurrency exchange, this is the case. So in May of 2020, the organization began tracking user counts.
The study’s findings
Crypto.com compiled data from over 20 major exchanges, including Coinbase, Binance, and Huobi, to create a global user report. It also performs an on-chain analysis of the data, with some additional special parameters for increased precision.
The adoption of cryptocurrency is increasing
The crypto area has continued to gain new admirers, according to the survey, with the months between the end of January and the beginning of June being the most important. During this time, the number of new users increased by 100 percent, from roughly 106 million to 203 million. That means the community grew by a factor of six in less than six months.
Surprisingly, when the corporation began tracking markets and users in 2020, the number of users was about 65 million, and it took nine months for that number to climb to 100 million. This is obvious evidence that the world is embracing new digital assets at a breakneck speed. This could be due to the growing popularity of digital coins and the attention paid to them by celebrities such as Elon Musk.
Altcoins are gaining popularity
According to the survey, the number of new entrants interested in popular coins such as Bitcoin and Ethereum has dropped dramatically. Instead, most new users are more interested in other altcoins, such as Dogecoin, which is now popular (DOGE). It could be related to Elon Musk’s strong support for DOGE and his recent harsh remarks about Bitcoin‘ energy usage in the case of DOGE. It’s simple to see why new users want to join his DOGE camp because he’s a powerful figure with a large following.