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The global cryptocurrency market has over 100 million users for the first time ever. The study conducted by Crypto.com recorded 106 million cryptocurrency users in the 1st month of 2021. The Bitcoin bull resulting in strong adoption of cryptocurrencies is said to be the main driver of the January 15.7% raise in the crypto population.
Crypto Industry Surpasses 100 Million Users
Smashing its previous all-time-high, Bitcoin is over 1 trillion market capitalization. The continuous growth of digital gold is influencing people to step into the crypto-market at a faster rate.
Eric Anziani, COO of Crypto.com, said:
“Our study improves upon previously used methods to find a clear trend of growing cryptocurrency ownership. As more companies and merchants adopt cryptocurrencies as a treasury asset and means of payment, we expect 2021 to be a banner year for crypto mass adoption, bringing us ever closer to our vision of Cryptocurrency in Every Wallet.”
Also, on the news front, the investment made by tech-giants is piling the number of investors getting into the crypto-field. The recent example of Tesla’s investment of 1.5 billion in BTC, Square purchasing 3,318 BTC, and MicroStrategy purchasing 19,452 BTC is building trust among investors.
Technology and the Crypto Industry
Bitcoin is not the only one that is stoking up the industry. The need for decentralization is also adding rapid ascent to the industry. With DeFi market momentum the total market cap of DeFi has grown from $690 million to over $11.7 billion. According to the Crypto.com research, the overall growth by ETH is higher than BTC.
Although BTC itself holds a market capitalization of $1 trillion, it is not only about BTC, the investment in altcoins has also shown the growth industry shows.
The report of Crypto.com has 24 exchanges involved. Also, Crypto.com admitted the improvement in the methodology from the last report.