• Crypto.com research reveals that global crypto adoption has doubled since January.
• As of June 2021, the number of global crypto users has reached 221 million.

According to the latest research by Crypto.com, the market size of crypto users globally has more than doubled in the first half of this year. The report showed that there are now 221 million crypto users in the global market. While compiling the result, Crypto.com analyzed on-chain data with other parameters. The research utilized data garnered from the 24 largest crypto platforms in the world.

Crypto users globally doubled between January and June 2021

Noting that the number of crypto users globally reached 221 million in June, the report stated that crypto users all over the world nearly doubled in just about four months. The market size, which was around 106 million earlier this year in February, increased to 203 million in May.

Before then, the global crypto user base advanced from 65 million to 100 million within nine months, beginning from when Crypto.com started using the new research methodology in May last year.

Notably, Bitcoin fueled the growth recorded in the first two months of the year. Additionally, there was a significant growth in the adoption of altcoins in May, which supported the total crypto market size to a new high.

Factors behind increased crypto adoption in the last six months

The report tied the surge in crypto adoption to some notable events in the crypto space. Firstly, there is an increase in the number of institutional investors in cryptocurrencies. More specifically, Bitcoin led the global crypto adoption from January through April. During the period, institutions like PayPal, Visa, Mastercard, and MicroStrategy announced their BTC investments. These giants announced their Bitcoin acquisitions and declared their support for the top coin. Following the announcement, Bitcoin saw notable increases in its adoption.

Likewise, the second crypto by market cap, Ethereum, also grew in May and June with a spike in institutional demand.

The Crypto.com research also mentions Tesla CEO Elon Musk as one of the influencers of the increased crypto adoption globally. After Musk triggered a rise in Bitcoin earlier, the electric vehicle (EV) company CEO also caused a dip in the value of the cryptocurrency. After entering 2021 on a high note, Bitcoin continued to pull in gains and reach new record highs between January and early April. However, the coin began to drop following Musk’s criticism of Bitcoin mining. As Bitcoin started losing its value, the number of Bitcoin and Ethereum holders also began to reduce. However, other altcoins, led by SHIB and DOGE, recorded an improvement of about 50 percent in the number of holders.

The co-founder and CEO of Crypto.com commented:

Our Research and Insights team have continued to fine tune their market assessments, giving us and the broader community a clear understanding of the market, The growth we have seen in the first half of 2021 on our platform and industry-wide is very encouraging and we will continue investing heavily as we pursue our goal of putting cryptocurrency in every wallet.

Cryptocurrency analyst Justin Bennett is scrutinizing the decentralized supply chain management platform VeChain (VET), smart contract blockchain leader Ethereum (ETH), oracle protocol Chainlink (LINK) and crypto king, Bitcoin (BTC).

Using VeChain’s past price history as a guide, Bennett suggests the asset may have hit a bottom as he traces a bullish path that – if it plays out – would see the asset increasing by 1,664% by the start of 2022.

“What if? VET. This is obviously highly speculative and mostly just for fun. We all know markets don’t repeat exactly. But it’s an intriguing thought nonetheless, especially with so many 100% convinced that the bull market is over. Time will be the judge.”

As for Ethereum, Bennett says he’s watching to see if the second-largest crypto asset can break through two areas of resistance – the first at $2,354 and the second at $2,612.

If ETH retraces, he believes there are areas of support at $1,996 and $1,863.

“When you combine levels this clean with the daily close as confirmation, trading becomes effortless.”

As for LINK, Bennett is watching out for resistance at around $20.15 and $26.55. On the downside, Bennett sees $15 as support.

“Starting to add to my LINK long here. Will add more at $17.80 if it comes. First entry just above $15 last week.”

The flagship cryptocurrency, Bitcoin, will face a tough battle at $40,600 and then $46,858, according to Bennett. Overall, he’s leaning bullish.

“This is either the start of the second leg of the bull market or a relief rally at the beginning of a bear market. There is no middle ground. I’m still leaning toward the former, but I’m also relying on the chart to tell the story, as always.”

The king coin jumped from $34,007 on Sunday to over $40,000 by Monday and is currently attempting to maintain that $40,000 level that Bennett outlines.

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It is limited to investing in bitcoin futures, rather than bitcoin spot, but their prospectus says they can in exceptional circumstances also invest in Canadian bitcoin ETFs.

“Cryptocurrency has become a significant asset class, and our new Bitcoin Strategy ProFund provides investors access to a bitcoin strategy through a mutual fund investment,” says ProFunds’ CEO Michael L. Sapir, adding:

“Compared to directly buying bitcoin, which may involve opening a new account with an unregulated party, this ProFund offers investors the opportunity to gain exposure to bitcoin through a form and investment method that tens of millions of investors are familiar with.”

Mutual funds are a way of pooling capital together to invest with it sometime having its shares publicly traded.

Here there is a ticker, BTCFX, but there is no listed exchange with the minimum investment currently being $1,000.

They charge a total expense ratio of 1.15%, which is a bit higher than the typical 1% or less charged in ETFs, in part perhaps because this is the first of its kind and thus currently lacks much competition.

Its launch however further illustrates the growing demand for bitcoin as an asset class as well as its continued expansion into new markets.