Cryptocurrency adoption has surged in recent months as the total number of global crypto users jumped over 106 million for the first time earlier this year. The recent jump in the prices of top cryptocurrencies played a key role in the adoption. According to a report published by Crypto.com, the global crypto population jumped by 15.7% in January 2021 due to strong demand for Bitcoin and huge growth in the DeFi sector.
Crypto sees massive growth in recent months.
The user deposit rate and on-chain activity of the world’s largest cryptocurrency bitcoin have surged to a record high. “Likely events that drove crypto adoption were the huge growth of DeFi last summer, PayPal’s opening up crypto services, and massive institutional adoption and facilitation of cryptocurrencies,” the report mentioned. Later last year, the crypto industry witnessed accelerated adoption growth due to some remarkable events, like the rise of DeFi in the summer, PayPal’s opening on crypto purchases for US users in November, and institutional adoption in December.
Crypto market cap crosses $1.75 trillion.
The cryptocurrency market is on the rise since the start of 2021. The total market cap of digital assets jumped from $750 billion to as high as $1.75 trillion within the last seven weeks. Bitcoin, the leading cryptocurrency, jumped above $58,000 on Saturday after the market cap of BTC crossed $1 trillion for the first time. Despite the regulatory uncertainty, the cryptocurrency population is growing at a rapid pace. Regulators all around the world are expressing concerns over the growing crypto industry and actively trying to regulate the industry. However, some countries have been positive of the crypto space and regulating to favor the industry.