By
Steve Muchoki
April 19th, 2024
The two largest cryptocurrencies by market cap saw massive growth in users in January this year.
The number of crypto users worldwide strikes an increase of about 16% as Bitcoin and the entire cryptocurrency market experienced incredible growth from January this year, Crypto.com analysis shows.
Due to the difficulty in tracking and recording active cryptocurrency traders, the crypto exchange and debit card provider, Crypto.com, adapted a method that mix both on-chain data with many combined parameters to find separate estimates for Bitcoin (BTC) and Ethereum (ETH) which are the two largest cryptocurrencies by market cap. This brought out a total that can be used to follow the growth of worldwide users over time.
According to the analysis made by Crypto.com, worldwide crypto users in total increased from 66 million to 106 million. This analysis viewed figures from May 2020 to January 2021.
The two largest cryptocurrencies by market cap in January this year saw massive growth in users. Bitcoin’s number of users worldwide increased to approximately 71 million whiles Ethereum’s number of users worldwide also increased to approximately 14 million.
Generally, Crypto.com stated that Bitcoin’s price power brought the growth of users, yet accessing a data breakdown of the cryptocurrencies can give you a specific idea. Looking at the analysis, June 2020, August 2020 and January 2021 were the biggest months for crypto in terms of growth in users.
Increase in Crypto Users
There are quite a few reports published online that show the outcome of crypto-user studies conducted by financial researchers. Almost all of the undergone studies conclude with a progressive crypto community and a major growth among cryptocurrency users.
Most of the studies also concluded that the crypto community in a booming year sees more traders in the market than ever. Reports have proved that cryptocurrency users across the world more than doubled in 2017 when the market experienced an incredible rally, gaining about 17 million verified users between 2017 and 2018.
A 2019 report published by Cambridge Centre for Alternative Finance included the study of crypto users. As per the study, the community recorded about 139 million cryptocurrency ID-verified accounts users and out of that sum, about 35 million cryptocurrency users worldwide were considered as regulated exchange users.
In another research report published in 2020, most of the crypto users were unsurprisingly from the USA, UK, Japan and South Korea however the report concluded with 68.5 million cryptocurrency users worldwide were considered as regulated exchange users. This figure is almost double that of Cambridge’s report though the researchers investigated not all but the most popular crypto exchanges.
The study which was published by Cambridge Centre for Alternative Finance concluded that cryptocurrency users are found in almost every part of the world as the interest in the market increases across the globe.
Explicitly, there is no doubt that cryptocurrency users will continue to increase as the market continues to be more attractive.