Crypto exchanges are seeing a tremendous surge in their user numbers.
Posting on Twitter, market analyst Willy Woo found that there are roughly 35,000 new daily users on-chain. This could translate to approximately 100,000 new users spread across cryptocurrency exchanges every day.
The data, taken from Glassnode, shows a remarkable rise in the number of users from about the time the market began its rally in December 2020. The correlation is clear — as the price has gone up, so has the number of users.
Several exchanges and cryptocurrency platforms have reported an increase in the number of users and volumes. This is not surprising and mirrors the rise in users during the 2017 bull run.