Crypto App Downloads Drop 55% as Bear Market Vibes Hit the Market
Due to the fact that the cryptocurrency market has been in the throes of a prolonged bear market for most of the last year, cryptocurrency apps have also seen a decline in interest, as evidenced by a considerable reduction in the number of application downloads.
Although cash advance apps grew 69% year over year (YoY), more than other fintech sectors, the performance of crypto and retail investment apps tended to decline. to lower. Indeed, according to Data of Apptopia published on September 19.
The report notes that:
“Certain sectors of the fintech industry are being hit harder than others, while some are growing as the opportunity (via inflation) presents itself.”
With limited money for many people and increasing daily costs. It has also been claimed that individuals are using “buy now, pay later” options to shop. The increase in the number of new users, as shown by the above estimates of Apptopia downloads, demonstrates that individuals are looking to purchase products for which they do not already have the cash.
Crypto app downloads down
Notably, a year ago, Finbold reported that crypto apps exceeded 50% of all investment app downloads in the US in the first half of 2021. Cryptocurrency apps dominated the 50% share. leading US asset management apps in the first half of 2021 at 51%, representing 2.6x growth compared to the 2020 figure of 19%.
However, it should be pointed out that the growth of cryptocurrency trading app downloads correlates with a growing market for digital currencies. Growing adoption and investment in cryptocurrency has driven growth.
Since then, the market has taken another direction. With scams still around with the FBI warning fake crypto apps cost investors up to $43 million, investors and traders aren’t downloading like they once were in the toughest financial times.