Ever since the beginning of the year 2020, though the crypto-industry has bragged about mass-adoption, yet no one has tried finding out if it is true or not. The statistics from the cryptocurrency industry are evidence that the platform is indeed gaining huge adoption.
There are many on-chain data analyzing firms that have reported that the market capitalization, daily trading volume, and prices of the majority of the coins have surged.
However, it was yet to be established as to how many users have joined the crypto-verse so far resulting in such a success. Therefore, one of the most prominent debit card provider and cryptocurrency exchange took the liberty of enlightening everyone as to how many users are currently on the crypto-platform.
The worldwide known cryptocurrency exchange Crypto.com has performed its research and published its results just recently. In the report, Crypto.com has revealed that the total number of cryptocurrency users back on May 31, 2020, was just 66 million.
However, towards the beginning of the New Year (January 2021), the total number of crypto-users increased all the way up to 106 million. That is an increase of 160% (40 million) users in a matter of six months for the cryptocurrency users.
In the report, Crypto.com has revealed that in the past 8 months of the cryptocurrency industry, there were 3 particular months that observed higher growth and adoption than the rest of the months.
The months that experienced higher inflows than the rest were January 2021, August 2020, and June 2020. The firm has revealed that it came to this conclusion after comparing the price of cryptocurrencies from all 8 months with each other.
The firm also revealed that the majority of the adoption that came to the cryptocurrency industry in August 2020 was for the Ethereum (ETH) platform. The major factor leading to the mass-adoption of Ether in the entire crypto-industry was the increased popularity of the decentralized finance sector.
However, after Ether’s reigning bullish run in August 2020, the latter months were won by Bitcoin (BTC). As the year 2020 moved into autumn and cold months, things started going in Bitcoin’s favor. It was in September when PayPal announced that it was going to adopt Bitcoin (BTC), followed up by a huge BTC purchase conducted by MicroStrategy, and then by Grayscale.
That is when the golden age for Bitcoin (BTC) started, which resulted in huge crowds making it to the cryptocurrency platform. The majority of the investors joining the platform had only one thing on their minds and that was the acquisition of Bitcoin (BTC).
The firm has revealed that by the beginning of January 2021, the total number of users solely on the Bitcoin (BTC) platform is 71 million while only 14 million users have joined the Ethereum platform.