Crypto Users Double To 200 Million In 4 Months Powered By Bitcoin, Shib, Doge

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NEW DELHI: Driven by a spike in bitcoin prices in January and February as well as the adoption of altcoins in May, the global crypto population has doubled from 100 million to 200 million in just four months.

Overall, the number of global crypto users reached 221 million at the end of June, according to a report from the cryptocurrency exchange Crypto.com.

The report also showed that altcoin adoption was likely driven by the influx of new users interested in tokens such as Shiba Inu (SHIB) and dogecoin (DOGE), among others. Altcoins is a cumulative term to define post-bitcoin cryptocurrencies.

While bitcoin is around 45% year-to-date, meme coins such as Shiba Inu and Dogecoin are up 77.37.400% and 3.663% respectively.

The growth we have seen in the first half of 2021 on our platform and across the industry is very encouraging, and we will continue to invest heavily in pursuing our goal of putting cryptocurrency in every wallet, ” said Kris Marszalek, co-founder and CEO. , Crypto.com.

Bitcoin led growth from January through April, as big name institutions like PayPal, MicroStrategy, Visa, and Mastercard announced plans to support crypto. Likewise, ethereum saw significant growth in May and June, with institutional investors continuing to favor the token.

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Over 90% of bitcoin mining has now been shut down in China

The months of January to April remained bullish thanks to the strong performance of bitcoin. However, May brought a milestone; Elon Musks’ criticism of bitcoin was linked to a drop in both the price of bitcoin and the number of owners, as well as ethereum.

The amount of green energy used in bitcoin mining is growing in importance as the world’s largest cryptocurrency has come under heavy criticism in the past three months for its impact on the environment.

The exchanges report compiles data from the 24 largest crypto platforms in the world.

According to industry estimates, there are around 15-20 million crypto users in India today.

The report also pointed out that bitcoin and ethereum were losing market share, as new challengers like proof-of-stake protocols and meme tokens showed great potential in May, especially after the mining of bitcoin has come under further scrutiny.

According to industry estimates, more than 90% of bitcoin mining has now been shut down in China, which once accounted for about a third of the processing power of global crypto networks.

Altcoin ownership increased by almost 50% driven by SHIB and DOGE, among others, during the first half of the year.

There are two ways to verify transactions on the Proof of Stake (PoS) and Proof of Work (PoW) blockchain. Currently, major cryptocurrencies such as bitcoin and ethereum use PoW. This mechanism uses an advanced form of mathematics, which only powerful computers can solve. The downside is that this process requires a significant amount of electricity. Proof of Stake solves this energy problem.

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