The estimated number of crypto users reaches 221 million and is powered by altcoins

The estimated number of world crypto users has doubled in 4 months, reaching 221 million in June, based on calculations by the foremost crypto platform Crypto.com.

The estimated number of crypto users reaches 221 million and is powered by altcoins

For comparability, it took 9 months to go from 65 million to 100 million, however it solely took 4 months for that number to double and hit 221 million in June.

This reveals that the recognition of cryptocurrencies is spreading extra and extra, regardless of the price crises and market fluctuations, the number of individuals on this space is consistently growing. While Bitcoin (BTC) spurred development in January and February, the introduction of Altcoins in May – may very well be fueled by an inflow of new users eager about cash like Dogecoin (DOGE) or Tokens Shiba Newspaper (SHIB) – led to an enormous enhance in crypto users, from 143m in April to 221m in June.

“New challengers like the proof-of-stake protocol and the meme token showed great potential in May, especially after Bitcoin mining was scrutinized,” the report stated.

The firm says the evaluation is based mostly on a mix of Bitcoin and Ethereum (ETH) on-chain information, survey evaluation, and inside information from Crypto.com. It aggregates information from 24 cryptocurrency platforms. However, the report highlights that whereas the up to date methodology gives a extra correct estimate than the earlier model, it nonetheless has many limitations and caveats.

While BTC and ETH collectively held 80% market share in the beginning of the 12 months, this fell to 61% final month, with Altcoins increasing their market share from 20% to 38% over the identical interval.

Reportedly, researchers on the Cambridge Center for Alternative Finance found lower than a 12 months in the past that crypto users had been rising exponentially, with 101 million world wide utilizing cryptocurrencies on the time – an enormous enhance from 35 million over the identical interval interval, the examine recognized solely 2 years in the past.

Despite the restrictions of their methodology, the researchers stated, “There are reasons to believe that this estimate provides a reliable approximation of the total number of cryptocurrency holders worldwide.”

At 12:22 UTC on July 29, BTC is trading at $ 39,695, down 2.5% in in the future and up 22% in every week. At the identical time, ETH adjustments arms at $ 2,289. It’s down practically 2% in in the future and up greater than 14% in every week. While BTC is up 15% in a month, ETH is up nearly 10%. Over the previous 12 months, ETH is up 624% and BTC is up 264%.

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