Research by the crypto financial platform, Crypto.com, showed that the global market size of crypto users jumped to 221 million in July, from 106 million at the beginning of the year.
Crypto.com credits the huge growth to increased institutional adoption of cryptocurrencies and easier ways to buy and sell cryptos. Their analysts believe that cryptos were also helped by the ‘celebrity effect’ brought by headline-grabbing and social media stars like Tesla’s founder, Elon Musk.
The research shows that Bitcoin led growth from January to April, when major businesses like PayPal, Visa and Mastercard announced acquisitions and plans to support cryptocurrencies. That was followed by Ethereum’s growth in May and June due to its higher attractiveness to institutional investors.
"“It is really encouraging to see this growth as increased usage take up will help quickly make cryptos part of our daily lives, unleashing the incredible potential of Blockchain technology to transform the financial sector”, celebrated Eduardo Carvalho, the co-founder and CEO of Dynasty Global Investments AG."
To estimate the number of users worldwide, Crypto.com analyses on-chain data with additional blended parameters from the 24 largest crypto platforms in the world.