The adoption of cryptocurrencies has seen accelerated growth this year, with the global crypto population doubling since January, according to a new report.
Major digital asset company Crypto.com released its latest study measuring global cryptocurrency users on Thursday, finding that the number of crypto users worldwide more than doubled from 100 million in January to 221 million in June.
The company noted that crypto adoption has grown rapidly this year as it took just four months to nearly double the crypto population from 106 million in February to 203 million in May. By comparison, it took nine months for the number of global crypto users to climb from 65 million to 100 million since Crypto.com began tracking levels of crypto adoption.
The results show that Bitcoin (BTC) and the second-rated cryptocurrency Ether (ETH) have lost their market share in terms of the composition of crypto owners, while the number of users who own other digital assets is growing steadily.
The study also found that a massive surge in crypto users this year was accompanied by a notable surge in the popularity of altcoins, or cryptocurrencies other than bitcoin. According to Crypto.com’s findings, altcoin adoption was likely driven by the influx of new users interested in altcoins like Dogecoin (DOGE) and Shiba Token (SHIB), given Elon Musk’s criticism of BTC mining for its alleged environmental damage spurred on.
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Crypto.com’s latest crypto population study comes after the company released the very first edition measuring global crypto users in May 2020. The latest report includes data from 24 major global cryptocurrency exchanges including Binance, Coinbase, Huobi, and others.