The exchange used on-chain data and other metrics from 24 of the world\u2019s biggest cryptocurrency exchanges to compile the numbers, which indicate that growth accelerated in the first half of the year. In May 2020, the total number of crypto users according to the exchange stood at over 66 million.<\/p>\n
As the world\u2019s top cryptocurrency, Bitcoin led the race in the first two months but was overtaken by a surge in altcoin adoption in May which led to a massive surge in the number of crypto users. Microstrategy\u2019s CEO Michael Saylor noted:<\/p>\n
“#Bitcoin is now held by more than 114 million people, making it the fastest-growing, most widely held financial asset in the history of the world.\u201d<\/em><\/p>\n The number of users consequently grew from 143 million at the end of April to 221 million in June.<\/p>\n Developments in the cryptocurrency market in the second half of 2020, including Bitcoin\u2019s surge from the halving event, brought about accelerated adoption in 2021. Other remarkable events that followed include the rise of DeFi, PayPal\u2019s crypto adoption, and heightened institutional investments from most notably, MicroStrategy and Grayscale.<\/p>\n \u201cHeavyweight institutions such as Tesla and MasterCard took steps to embrace cryptocurrency. In March, Visa collaborated with crypto.com to settle payments in crypto. Furthermore, El Salvador became the first country to adopt bitcoin as legal tender.\u201d<\/em><\/p>\n The data also specifically highlights January, February, and April when Bitcoin recorded its all-time high as the strongest months, driven by Bitcoin\u2019s best performance so far. In May, however, Elon Musk\u2019s commentary about BTC\u2019s mining effect on the environment led to a plunge in bitcoin and Ethereum, while altcoins soared.<\/p>\nGrowth in 1H 2021 Spilled Over from Q2 2020<\/strong><\/h2>\n
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