October 22, 11:33 am
Cryptocurrencies made a serious comeback this year despite the regulatory twists and ups and downs seen in the past months. However, the global interest in apps that allow for cryptocurrency storage continues falling.
According to data presented by AltIndex.com, crypto wallets saw 73.6 million downloads in nine months of the year, or 32% less than in the year-ago period.
The number of crypto wallet downloads has fallen deep below the figures seen at the peak of the crypto market in 2021. The impressive growth of the crypto market and Bitcoin's price rally throughout 2021 led to a surge in crypto wallet users.
According to Statista, AppMagic and CryptoSlate data, people worldwide downloaded nearly 186 million crypto wallets that year alone, the highest figure in the market's history. This number is even more impressive compared to downloads a few years before. Statistics show the total number of downloads in 2021 was 4.5 times higher than in 2020, which saw roughly 40 million downloads, and ten times higher than in 2019, when the number of downloads stood at 17.5 million.
But after reaching an all-time high in 2021, download figures started falling. Between January and December 2022, the monthly number of downloads more than halved, falling from 16.8 million to 7.8 million, causing the annual number of downloads to drop by 26% year-over-year to 137.5 million.
The negative trend continued in 2023, with people worldwide downloading 73.6 million crypto wallet apps in nine months, including Coinbase, Blockchain.com, Metamask, Trust, and Binance, among others. This was significantly less than the 109.7 million downloads reported in the same period last year.
The monthly downloads figures also show a sharp decline in crypto wallet popularity. After floating around nine million between January and May this year, the total number of downloads slipped to roughly seven million in June and July.
However, September brought an even more significant decline. Statistics show 5.8 million crypto wallet downloads last month, the lowest number in the past three years.
But despite the negative trend, the total number of crypto wallet downloads is still quite impressive. Statistics show that people worldwide downloaded more than 490 million apps that allow for cryptocurrency storage since January 2015.
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The information provided by AltIndex is solely for informational purposes and not a substitute for professional financial advice. Investing in financial markets carries inherent risks, and past performance doesn't guarantee future results. It's crucial to do your research, consult with financial experts, and align your financial objectives and risk tolerance before investing. AltIndex creators and operators are not liable for any financial losses incurred from using this information. Users should exercise caution, seek professional advice, and be prepared for the risks involved in trading and investing in financial assets, only investing what they can afford to lose. The information in this application, derived from publicly available data, is believed to be reliable but may not always be accurate or current. Users should verify information independently and not solely rely on this application for financial decisions. By using AltIndex, you acknowledge that it doesn't offer financial advice and agree to consult a qualified financial advisor before making investment decisions.
© 2023 AltIndex. All rights reserved.
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