Cryptocurrency Users Increased More Than 60% Since May 2020

One record after another is broken by cryptocurrency users, according to a survey conducted by the exchange Crypto.com. More specifically the estimated users of bitcoin (BTC) and Ethereum (ETH) amount to 106 million.

Their increase since last May (2020) exceeds 60% – from 66 million to 106 million in January 2021!

Given that capturing the quantity and quality of cryptocurrency portfolios is quite complex, Crypto.com’s methodology combines on-chain data with parameters and makes estimates for the two largest cryptocurrencies, namely BTC and ETH. This data illustrates a set that can be used to track trends.

It is noted that June and August 2020, as well as January 2021, were the strongest growth months for cryptocurrencies. However, as Crypto.com notes, this growth shows a positive correlation with the price of Bitcoin.

The only cryptocurrency with a relatively autonomous path is XRP.

DeFi

The analysis of data related to previous cryptocurrencies can provide more specific information.

In particular, the adoption of Ether in August 2020 has largely led to a rise in the popularity of Decentralized Finance(De-Fi).

During the fall and winter months, PayPal’s support for users based in the United States and purchases by institutions such as Microstrategy boosted bitcoin’s price performance.

By January, the number of Bitcoin users worldwide was estimated at 71 million, compared with 14 million for Ether users.

Each of the currencies at that time saw a huge increase that month – 30.2% and 13.1%, respectively.


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