29 Jul 2021 · 2 min read

Estimated Number of Crypto Users Reaches 221M, Spurred by Altcoins

The estimated global crypto population doubled in four months, and it reached 221m as of June, according to calculations by major crypto platform Crypto.com.

As of July 6. Source: Crypto.com

"In comparison, it took nine months to reach 100 million from 65 million" since they began tracking these numbers.

While bitcoin (BTC) drove growth in January and February, altcoin adoption in May – likely fueled by the influx of new users who were interested in coins like dogecoin (DOGE) or shiba token (SHIB) - led to a massive surge in crypto users, from 143m in April to 221m in June.

“New challengers like Proof-of-Stake protocols and meme tokens showed great potential in May, especially after Bitcoin mining came under more scrutiny,” per the report.

The analysis is built on a combination of Bitcoin and Ethereum (ETH)’s on-chain data, survey analysis, and Crypto.com’s internal data, the company said. It compiled data from the 24 crypto platforms. However, the report stresses that, while they find the updated methodology to present a more accurate estimation than the previous version, it is still subject to multiple limitations and caveats.

While BTC and ETH together held 80% of the market share at the beginning of the year, it dropped to 61% by last month, with altcoins expanding their share from 20% to 38% in that same period.

As of July 6. Source: Crypto.com

As reported, less than a year ago the researchers at the Cambridge Centre for Alternative Finance found that crypto usership is going up at an exponential rate, with 101m people worldwide making use of cryptoassets at the time – a massive increase from the 35m figure the same researches identified just two years prior.

The researchers said that despite limitations to their methodology "there are reasons to believe that this estimate offers a reliable approximate figure of the total number of cryptoasset holders globally."

At 12:22 UTC, BTC is trading at USD 39,695, having dropped 2.5% in a day and going up 22% in a week. At the same time, ETH is changing hands at USD 2,289. It's down by almost 2% in a day and up more than 14% in a week. While BTC is up 15% in a month, ETH is up nearly 10%. Over the past year, ETH appreciated 624% and BTC 264%.
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