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Previous studies noted an increase in crypto adoption since the start of the coronavirus pandemic as people explored other payment options aside from cash due to fears of contracting the virus. A recent study revealed that the number of crypto owners globally significantly spiked in January and has surpassed one hundred million users for the first time as the market rally saw Bitcoin (BTC) and Ether (ETH) set new all-time highs.
A recently released report from Crypto.com revealed that the number of crypto users worldwide has reached 106 million in January, Bitcoin.com reported. The study used on-chain metrics, survey analysis, and internal data to measure the cryptocurrency market’s size.
The study also revealed that January’s figure represents a massive 15.7 percent increase in just one month. There were only 92 million crypto users as of December 2020.
Crypto.com’s data suggests that Bitcoin’s rally, which saw a massive price hike last month, played a key role in the increasing crypto adoption. While the number of crypto owners steadily rose last year, the rate of increase is not as significant as January’s 15.7 figure. For instance, there were only 88 million crypto users in August 2020, which rose to 89 million in September, 90 million in October, 91 million in November, and 92 million in December.
“Now to take a look at how the crypto population has trended over time,” Crypto.com wrote in the report. “We can see that June 2020, August 2020, and January 2021 were exceptionally strong months. What we notice is that periods of strong growth come after periods of strong price performance in Bitcoin.”
“Strong growth in Bitcoin adoption was the main driver for January’s 15.7% increase in the global crypto population,” the study concluded, adding that institutional participation helped boost BTC’s price upwards. “Bitcoin saw tremendous growth in January following months of strong price action and waves of institutional adoption (PayPal, Microstrategy, and more).”
Aside from increasing institutional adoption and the accessibility of crypto buying and selling through PayPal, the study also listed the rapid growth of the decentralized finance (DeFi) market as one of the factors for crypto’s increasing adoption. The total market cap of coins in DeFi has soared from $690 million to over $11.7 billion, which has encouraged new investors to enter the crypto space.
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