The Price of Bitcoin Lags Behind The Growth of Crypto ATMs, Which Surpassed 11,100 Installs


While the price of cryptocurrencies is taking its sweet time to reach their all-time highs, Bitcoin is holding strong above the important psychological support level of $10,000, currently above $11,300; the same can’t be said of the fundamentals.

The crypto industry continues to grow fast, and the latest metric to reflect this is the crypto ATMs.

For the first time, the number of crypto ATM installations has exceeded 11,100, representing a surge of almost 75% since the beginning of this year, as per Crypto ATM Radar.

In 2020, already more than 4,700 new bitcoin ATMs have been added, more than double of last year’s growth as only about 2200 new crypto ATMs were installed in 2019. The growth of these ATMs has seen almost a parabolic uptrend in 2020.

Bitcoin ATM Installations Growth

Source: CoinATMRadar

The biggest net change in crypto ATM numbers was recorded in September as 973 ATMs were installed this month, which has been growing since May. As a matter of fact, throughout 2020, more than 250 ATMs were installed every month, unlike ever before.

Genesis Coin is the dominant contributor to this growth as it manufactured 35.9% of these ATMs, followed by General Bytes, with its share just under 30%. Other manufacturers account for less than 10% of the number of cryptocurrency machines installed by manufacturer share.

As always, most of these crypto ATMs, 86.6%, are based in North America, with the US representing 78.6%. Europe is another continent with 11.3% of this share, while others account for less than 1%.

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