More than 200 million encrypted users, doubling the number of users in just four months. What other data is noteworthy in the report?

On July 30, Crypto.com released a data report titled "Measuring Crypto Users -- A Study measuring Market Size using On-chain Metrics," which aims to calculate the user size and growth rate of the global crypto market. The main content of this report has been compiled.

Crypto.com combines on-chain data with data from 24 cryptographic platforms around the world to estimate the size of the global crypto population. At the end of May 2020, when this study was first conducted, the global crypto population exceeded 66 million. The number increased rapidly in the second half of 2020, mainly due to the following events: the sudden rise of DeFi in August; PayPal launched cryptocurrency support in November; In December, organizations started entering the crypto market (i.e., Greyscale, MicroStrategy).

The widespread adoption of cryptocurrencies accelerated further in 2021. Heavyweights like Tesla and mastercard have taken steps to embrace cryptocurrencies. In March, Visa partnered with Crypto.com to support cryptocurrency settlement payments. In addition, El Salvador became the first country in the world to adopt Bitcoin as legal tender. The report measured the global crypto population using a number of parameters. Here's how it was calculated and the details.

The key points

● As of June 2021, the number of encrypted users worldwide reached 221 million.

● It took just four months to increase the global cryptocurrency population from 100 million to 200 million, compared with nine months previously from 65 million to 100 million.

● Bitcoin drove the crypto population growth in January and February, while the spike in May was largely driven by altcoins. The increase took the crypto population from 143 million at the end of April to 221 million in June.

● The growth of altcoins may be driven by new users interested in Shiba Token (SHIB) and Dogecoin (DOGE).

Number of Bitcoin and Ethereum users (as of June 2021)

BTC owner calculation table:    

ETH owner calculation table:

Final result:

Crypto population trends for the first half of 2021

January, February and April were exceptionally strong, driven by bitcoin's strong performance. Even after may's plunge, may has been an unusual month. After Elon Musk's criticism of bitcoin, altcoins outperformed bitcoin.

Remarkably, it took just four months for the global cryptocurrency population to grow from 100 million to 200 million. By contrast, it took nine months to grow from 65 million to 100 million.

Bitcoin led the growth from January to April, with Ethereum showing significant growth in May and June, as heavyweights such as PayPal, Microstrategy, Visa and mastercard announced plans to support cryptocurrencies.

When analyzing the composition of cryptocurrency owners, we find that bitcoin and Ethereum are losing market share. New challengers such as PoS tokens and Meme coins showed great potential in May, especially after bitcoin mining came under regulation.

The limit

● The research methodology for this report assumes that all on-chain users still own cryptocurrencies today, but it is likely that some users have sold their assets.

● Users who trade over the counter and who have never traded on the chain may not be counted effectively.

● Trading platform sub-accounts may not be accurately reflected.

● The parameters obtained from the survey may change over time.

● The sampling deviation of the parameters is unavoidable.

● The results depend on the third-party tools and data we use.

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