Crypto.com Receives Regulatory Approval for Trading in Dubai
Crypto.com has received full operational approval from Dubai’s VARA, becoming the first permitted exchange in the UAE.
A recently released report shows a massive spike in cryptocurrency growth this year with users, traders, and investors seeing an exponential increase in numbers over the past year.
According to the report, compiled by Crypto.com, the global cryptocurrency community has doubled since the beginning of the year. Looking at how many cryptocurrency users are trading and investing in Bitcoin (BTC) Ethereum (ETH), and other altcoins in the market, the report shows that 221 million people are involved in crypto – up from 100 million in January this year.
Crypto users double in four months
The findings from the firm’s report show that the crypto population took only four months to nearly double. In February, the number was at 106 million, and in May it had shot up to 203 million. Looking at historic data, it took a full nine months for the global crypto population to grow from 65 million users to 100 million.
Bitcoin dominance slipping as altcoin pique interest
Not only have users been growing, but the diverse interest in the market has also increased. The report highlights how Bitcoin and Ethereum have been losing dominance in the market. Other tokens, like Dogecoin (DOGE) and the Shiba Token (SHIB) saw increased attention as the Doge Army, including Elon Musk and Snoop Dogg, plugged the token across social media. As per the report:
“Although Bitcoin drove growth in January and February, altcoin adoption in May led to a massive surge in crypto users, from 143 million at the end of April to 221 million as of June.”