More than 106 million people around the world use cryptocurrencies, according to a report released this week by the Crypto.com exchange. The inflow of new users has propelled the growth of the cryptocurrency market and the leading crypto assets.
Exchange experts observe an increase in the quantity of cryptocurrency users by 15.8% in January alone. Although the latest BTC bull run was driven by already active users, it was the new holders of cryptocurrencies that helped maintain the price high, as suggested by the report.
According to the research, which contained data from 24 major cryptocurrency exchanges, the speedy rise in the rate of BTC was the primary driver for the increase in the number of operators of crypto assets.
Furthermore, the expansion of the market has been affected by the popularity of DeFi – Decentralized Finance, a new financial ecosystem that utilizes blockchain to deliver financial services minus the necessity of intermediaries.
Crypto.com data also indicates that Ether, the second-largest cryptocurrency in terms of market cap, contributed to the growth of the cryptocurrency market, especially since August 2020, which concurs with the zenith of the DeFi surge.
After PayPal commenced offering its customers the potential to buy and sell crypto at the end of last year, the market’s growth rate has also increased considerably.
We remind that a number of recent studies had also indicated that the number of women and young people Bitcoin traders is growing.
