The crypto bear market has had a significant impact on investment patterns across the space. Where interest peaked in the 2021 bull market, the opposite occurred during the 2022 bear market. In light of this, there has been an impact on the number of downloads of cryptocurrency trading apps across the space. . In particular, the number of downloads of crypto apps in the European market.
Crypto App Numbers Halve
A new report has shown that crypto app downloads in the European market are down. It took data from 10 apps that had gotten millions of downloads and compared the data from the first half of 2022 to the numbers from the first half of 2021. What it showed was that there was an almost 50% decrease in the numbers.
In the first half of 2021, there were a total of 7.5 million downloads on these 10 crypto apps. However, in the first half of 2021, there were a total of 4.1 million downloads across all these apps, which represents a 45% decrease between the two periods.
The data was collected from the Google Play Store on crypto apps such as BRD, Bitpanda, Bitstamp, Nexo, Kriptomat, Luno, Change, Coinmetro, Wirex, and Blockchain.com. These apps are popular with European investors, making them a good fit for the report.
Naturally, some crypto apps have seen a bigger decline compared to others. The biggest hit in the market was BRD, an app that has seen its downloads drop by 97% between the first half of 2021 and the first half of 2022.
Next on the list was the Bitpanda app, which was down 65% in the same time period. Blockchain.com is a crypto exchange platform that has been hit hard by the recent bear market trend. The company has had to lay off a good part of its staff, and the download figures show how much the platform is struggling. Its downloads are down 51% in the first half of 2022.
Other cryptocurrency apps that have been affected by the downtrend include Luno, Kriptomat, and Nexo, with drops of 17%, 10%, and 10%, respectively. Wirex downloads fell 5%, the lowest of any losing app. Interestingly, some on the list saw an increase in the number of downloads.
Three of the total 10 apps surveyed came out with raises. These were Change, Bitstamp and Coinmetro, with increases of 2.5%, 14% and 50%, respectively. These apps have remained in favor of crypto investors even through the bear.
Featured image from News18, chart from TradingView.com
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