Crypto ATMs are Creating Additional Adoption for Bitcoin and Other Cryptocurrencies

The cryptocurrency ATM market is expanding at an exponential rate never witnessed before. According to a study from Coin ATM Radar, a crypto metrics website, the deployment of new cryptocurrency ATMs has grown by about 80% in 2020 alone. This figure represents 3 times the growth rate recorded last year.

So far in 2020, the world has added 6,372 crypto ATMs. At press time, there are a total of 11,665 ATMs distributed across the globe, and that number is growing by the day. According to Coin ATM Radar, a new ATM is put into service somewhere on the globe every hour. The exact figure is 23 new crypto ATMs per day.

The United States is said to be leading the crypto ATM race based on numbers. This year, the country went from 4,213 ATMs to 9,242 ATMs—more than 100% in number growth— in locations ranging from small shopping malls to a Tesla Gigafactory.

Meanwhile, another sector that has been showing healthy growth signs is the trading sector. The growth rate was measured following the terrible crash in March. North America, South (Latin) America, and Africa have recorded significant spikes in activity and have recorded new yearly high—and all-time highs in some cases.

That said, the increasing number of crypto ATMs across the globe shows just how widespread Bitcoin (BTC) and other cryptocurrencies’ are getting adopted. As more crypto services and products come into the industry, it is becoming increasingly easy for newbies to get exposed to this technology.

Key BTC Levels to Watch in the Near-Term—November 8

Bitcoin suffered a sharp dip yesterday following the official announcement of Joe Biden as president-elect of the US. However, the price has since regained its bullish strength and is now trading at the mid-$15,000 area.

Many speculators expect the cryptocurrency to retest and break above its YTD high at $15,973. The next resistance after that is the $16,500 level.

On the flip side, a break below the $14,100 level could stall further gains in BTC.

Total market capital: $443 billion

Bitcoin market capital: $284.9 billion

Bitcoin dominance: 64%

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