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The number of new users on crypto exchanges has skyrocketed with the market’s recovery, according to data from various platforms.
Crypto exchanges are seeing a significant increase in their number of users.
Posted on Twitter, market analyst Willy Woo said he noticed about 35,000 new daily users on the chain. This could generate around 100,000 new users per day across crypto exchanges.
Pink line: The number of new users seen on the blockchain per day. (30d MA)
35,000 new users per day arriving on-chain. Which means exchanges are likely adopting an additional ~ 100,000 users per day right now. pic.twitter.com/hMYZtGSfqW
– Willy Woo (@woonomic) March 17, 2021
The data, taken from Glassnode, shows a significant increase in the number of users since the market started uptrend in December 2020. The correlation is clear – as prices go up, the number of users also increased.
Several crypto exchanges and platforms have reported an increase in the number of users and volume. This is not surprising, they only reflect the increase in users as in the uptrend in 2017.
Institutional investments have also hit new highs, with numbers rising from around $ 37 billion to $ 55 billion this year. Grayscale Investments is one of the largest investors in this sector with many purchases Bitcoin Giant has been done this year.
Institutional investment has helped bring the legitimacy of the crypto market. The entry of Tesla and Microstrategy blew new breath into the market, persuading other potential investors to join. This has also given Bitcoin some appreciation from other major banks and institutions.
For example, JPMorgan Chase has set a price target for Bitcoin of $ 146,000, though they expect BTC to drop slightly after that. Citibank predicted an even more ambitious figure, coming up with a price tag of $ 300,000 by 2023.
Investors and enthusiasts are hoping that these developments will lead to mainstream adoption. To some extent, this has happened. The most important, NFT and DeFi has begun to go deep into the public’s mind.
In particular, NFT is being warmly welcomed by incumbents. From Elon Musk to the NBA, big names are starting to integrate crypto assets with digital arts and sports, and investors are backing this as well.
Interest in the NFT has grown to the point where it has overtaken both blockchain and cryptocurrency in Google searches.
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