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People are turning to Bitcoin at a rate of almost 52,000 new users every day

City AM logo City AM 30/07/2021 Crypto AM Daily in association with Luno
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Crypto at a glance

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With Jason Deane

Earlier this week I had the pleasure of actually seeing people in the flesh at Crypto AM’s fabulous 3rd birthday party at Canary Wharf. It was my first “in person” speaking event for over two years and, apart from having to remember to wear trousers when addressing people (also known as “Zoom syndrome”) it was a great opportunity to promote Bitcoin Pioneers and to meet some great people in and around the space. Congrats to James and all at Crypto AM!

Replay Video

However, while we were all networking and enjoying ourselves, the people at Crypto.com were busy publishing a report they had been working on for a little while. The headline numbers concluded that global crypto users had reached 220 million in June 2021, and, more notably, it had only taken four months to double the user base from 100 million to 200 million.

In terms of Bitcoin growth specifically, the data is also pretty conclusive.

Back in June 2020 I wrote an article on this very subject based on the reports available at that time. My analysis showed that in 2018, the rate of wallet creation was 28,509 per day, which averaged at 20 a minute. By 2019, this had risen to 35,177 a day which was 24 per minute, 23 per cent faster than 2018.

Crypto.com’s new report concludes that there are 114 million Bitcoin users in the world as of last month, so, working back to Cambridge University’s last report in September 2020 where 101 million Bitcoin users were identified, we can now recalculate that rate.

Based on these numbers, it does now appear that the current rate of adoption has reached a new high of 51,852 new users a day or 36 a minute. That’s a further increase in adoption rate of almost exactly 50 per cent since 2019 or 80 per cent since 2018. Perhaps it is no surprise that use of the Lightning Network also reached a new all time high this week with capacity now at well over 2,000 Bitcoin.

And I know that’s a lot of numbers for a Friday, but here’s one more to think about: chances are that in the time it took you to read these few words, roughly another 40 people have started using Bitcoin around the world.

Where will we be this time next year!?

Have a great weekend!

Jason

The Crypto AM London Blockchain & DeFi Summit will be held on September 29 and 30…

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Day One will be held in two pavilions hosting the Crypto AM City of London Roundtables so that delegates can meet and network with each other and learn from great discussions and talks. Day Two will be Summit day at the Leonardo Royal Hotel, St Paul’s, finishing with the gala dinner where the winners of the Crypto AM Awards 2021 will be revealed.

Tickets will be strictly limited and by application.

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Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some stats while you’re doing it? Well, now you can!

The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.

We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.

So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!

All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

Yesterday’s Crypto AM Daily in association with Luno

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In the markets

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 The Bitcoin economy

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*Definitions and insights can be found at https://bytetree.com/insights/

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $1,572,667,523,962.

What Bitcoin did yesterday

We closed yesterday, July 29 2021, at a price of $40,008.42, up from $39,995.91, the day before.

The daily high yesterday was $40,593.07 and the daily low was $39,352.06.

This time last year, the price of Bitcoin closed the day at $11,111.21. In 2019, it closed at $9,607.42.

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $746.67 billion. To put it into context, the market cap of gold is $11.633 trillion and Facebook is $1.016 trillion.

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $25,948,700,927, down from $34,410,524,804 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.


Video: Bitcoin breaks below $30,000 for first time since last June (CNBC)

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Volatility

The price volatility of Bitcoin over the last 30 days is 53.92%.

Fear and Greed Index

Market sentiment today is 53.

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Bitcoin’s market dominance

Bitcoin’s market dominance today is 48.15, Its lowest ever recorded dominance was 37.09 on January 8, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 69.20. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.

Convince your Nan: Soundbite of the day

“I encourage other people, who want to make sure that they have a diversified asset allocation for their retirement, at least one asset that they know is going to hold its value much like gold, that they consider Bitcoin.”

– Cynthia Lummis, US Senator

What they said yesterday

Worth a read…

Winning streak…

Makes sense…

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Crypto AM editor’s picks

US steps closer to cryptocurrency tax after last-minute bill addition

Joe Biden wearing a suit and tie © Provided by City AM

Steve Jobs’ 1973 application to be auctioned in original format AND as an NFT

Steve Jobs talking on a cell phone © Provided by City AM

Surf legend Kelly Slater is ready to ride the crypto wave

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Cardano leapfrogs Bitcoin as eToro clients most held cryptocurrency

Coinbase gets green light from German regulators

Cardano leapfrogs Bitcoin as eToro clients most held cryptocurrency

Coinbase gets green light from German regulators

Crypto AM: Longer Reads

City AM Markets: What is Decentralised Finance (DeFi) by Aave

Crypto AM: Conversation with James Bowater

Crypto AM: Market View in association with Ziglu

Crypto AM: Technically Speaking in association with Zumo

Crypto AM: A Trader’s View with TMG

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Crypto AM: Visions of the Future, Past & Present with Alex Lightman

Crypto AM: Talking Legal

Crypto AM: Spotlight

Crypto AM: Founders Series

Crypto AM: Industry Voices

Crypto AM: Tiptoe through the Crypto with Monty Munford

Crypto AM: Definitively DeFi

Crypto AM Parliamentary Special

Part one of two – April 2021

Part two of two – April 2021

Five-part series – March 2021

Part one…

Part two…

Part three…

Part four…

Part five…

Crypto AM Events

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For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit – you can now watch the event in two parts via YouTube…

Part one:

Part two:

Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 08:00 BST

The post People are turning to Bitcoin at a rate of almost 52,000 new users every day appeared first on CityAM.

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