According to a new study published by cryptocurrency exchange Crypto.com, the number of global crypto users has increased significantly since the beginning of the year.
Per the report, dubbed a Study to Measure Market Size Using On-Chain Metrics, global crypto users surged to 221 million as of June 2021, doubling the previous record of 100 million in just four months.
Notably, the milestone also trumped last year’s record where it took the number of the world’s crypto users nine months before it reached 100 million from 65 million.
Bitcoin Leads the Way
While factors like declining trust in traditional financial systems can be attributed to what led to the massive growth of cryptocurrency adoption, Crypto.com noted that the surge in some selected cryptocurrencies earlier this year was instrumental.
Bitcoin (BTC) was identified as the first and major crypto asset that drove the growth of crypto adoption given its massive rally in the first and second quarters of 2021.
Within this period, the world’s largest cryptocurrency Bitcoin spiked as high as $65,000, prompting several institutional investors and traditional financial institutions to embrace the asset.
Bitcoin’s acceptance by institutional and corporate players gave their retail counterparts the assurance they needed to invest in crypto assets, with many believing that the coin is a reliable store of value.
The confidence bestowed on Bitcoin drove crypto adoption from 100 million to 143 million between January and February, the report added.
DOGE & SHIB Led Altcoin Massive Adoption
However, while many investors seemed more comfortable with Bitcoin alone, popular dog-themed cryptocurrencies – Dogecoin (DOGE) and Shiba Inu (SHIB) – were at the forefront of altcoins adoption.
Dogecoin has been a major topic of discussion this year. The coin has recorded over 2000% growth since January, due to comments made by Elon Musk, the CEO and founder of popular American electric car company Tesla.
While the industry was still trying to understand how a crypto asset developed as a result of the joke was able to rally tremendously, the Shiba coin took over.
SHIB has surged by over 2,000% since its creation and has gathered lots of enthusiasts over time.
The massive rally between Dogecoin and Shiba Inu caused a spike in the number of crypto users to 221 million from 143 million at the end of April, Crypto.com noted.
