Cryptocurrency Mobile App Downloads Stall Amid Price Surge: Report
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Despite bitcoin’s recent price surge, the download count of crypto-related mobile applications has seen no increase compared to the first half of last year.
Data form mobile app analytics firm App Annie shows that, while in the first half of 2018 there were 65.8 million cryptocurrency-related app downloads, in the first six months of this year there were 67 million, an increase of about 1.82%.
This growth is not nearly as sharp as that reported in previous years, considering that the first half of 2017 saw 28.2 million crypto apps downloads from 2016’s 15.3 million, a 45% increase.
Apps related to the industry were individuated by looking for apps including words like bitcoin, cryptocurrency, or blockchain in their description in the finance category of the Apple App Store or Google Play store. Bloomberg also notes that the number of relevant apps is up 35% from January 2018 and points out that searches for bitcoin are down 73% from the peak registered in December 2017.
The report postulates that low crypto app growth is an indicator of low consumer enthusiasm for the asset class, despite the recent rally. Indeed, recent research from institutional crypto lender Genesis Capital — an affiliate of Genesis Global Trading — indicates that institutional participation in cryptocurrency markets is on the rise, and could be a driver of the recent bull market.