A report from the crypto exchange, Crypto.com, shows that the amount of crypto users has doubled in the first half of this year alone. The report utilized on-chain data and data from the 24 largest cryptocurrency exchanges and platforms worldwide.
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The report found that the total amount of crypto users reached 221 million in June 2021. Just six months prior, the total amount of crypto users was just 106 million. It found that Bitcoin was the most significant driving factor in user growth, but altcoins, like Dogecoin and Shiba Inu, saw jumps as well.
The study shows that Bitcoin and Ethereum have seen immense growth, but Bitcoin still has a massive lead in user count.
The largest jump in new users came between April and May, where Bitcoin users jumped from 90 million to 108 million, and Ethereum users jumped from 16 million to 20 million.
These jumps were likely influenced by events like Tesla's $1.5 billion purchase of Bitcoin in February and PayPal's crypto integration in March. When Elon later criticized Bitcoin's energy use, users of both the proof of work cryptos, Bitcoin and Ethereum, dropped while altcoins increased.
In April, Bitcoin and Ethereum made up 75% of all crypto users. In the following month, just after Elon made his comment about proof of work energy use, Bitcoin and Ethereum users dropped to 63% of all crypto users.
Somehow the number of total crypto users continued to grow through this, most notably in altcoins, which saw a jump from 25% in April to 37% in May.