It appears that the number of cryptocurrency users has doubled since January 21 this year, according to research on global cryptocurrency adoption by Crypto.com.

The report collected information from 24 major cryptocurrency exchanges using on-chain data based on various metrics, identifying over 220 million users by the end of June. February and May were the months when the influx of new users peaked: 203 million.

The Altcoin market has grown largely thanks to SHIB and DOGE

The altcoin market also experienced considerable growth during the early months of 2021, witnessing an increase in user counts to all-time highs. Interestingly, the report highlighted that Ethereum outpaced Bitcoin’s growth this year. In the aftermath of the April market crash, Ethereum saw huge institutional interest, which peaked during May and late June.

According to the report, SHIB and DOGE were responsible for the increased interest in the altcoin market. It is difficult to find the exact returns of SHIB, but the on-chain data shows that DOGE increased by more than 3.663% in the first half of 2021.

“The growth we have seen in the first half of 2021 on our platform and across the industry is very encouraging and we will continue to invest heavily as we pursue our goal of putting cryptocurrency in every wallet.” Crypto.com co-founder Kris Marszalek said

According to a Coinbase report, The trading volume of Ethereum increased by more than 1,400% during the first six months of 2021, catapulting the trading volume of ETH to $ 1.4 trillion.


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Is the cryptocurrency fever cooling down?

The cryptocurrency market has experienced a notable increase largely due to institutional adoption. The early months of 2021 were bullish for most currencies, especially Bitcoin, as various hedge fund managers, famous billionaires and institutional investors saw BTC as a safe store of value and a substitute for precious metals such as gold. .

How CryptoPotato reported, Vasant Prabhu, Visa’s Chief Financial Officer, says the cryptocurrency fever is starting to cool as cryptocurrency-related transactions via Visa are waning. Transactions were booming in the first two months of the third quarter, peaking 47% and 56% for online cross-border transactions.

However, some companies are still working to offer innovative services to their users, such as PayPal, which recently announced that it is working on a new “Super App Wallet” which will work to offer “additional cryptographic features” for users.

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