Despite BTC rally, crypto app downloads up just 1.8%

30 Jun, 2019
by David Robb
Adoption
Despite BTC rally, crypto app downloads up just 1.8%

Despite a slight retracement over the past 24 hours or so, Bitcoin appears to be in the early stages of another long bull run, and other cryptos are also starting to heat up. However, recent data from software analytics site App Annie suggests that this renewal of enthusiasm isn't being reflected in crypto app downloads.

Bloomberg reports that App Annie found barely any increase in interest in cryptocurrency apps recently, even though BTC prices are now at the highest level they have been for well over a year.

The first half of 2019 saw around 67 million new downloads of mobile cryptocurrency software. This is a 1.82 percent increase compared to the first six months of 2018, over the course of which the price of BTC plummeted by over 70 percent.

These figures could suggest that retail interest in the crypto market may have peaked for the time being, with barely any new consumers getting involved in the space. This is particularly surprising as the number of crypto-related apps available from the Apple App Store and the Google Play Store has increased by 35 percent since this time last year, and some of the most popular mobile trading platforms like Robinhood and Coinbase have continued to expand their regional coverage.

Although searches have been on the rise as the BTC price rallies, Google Trends also indicates that the increase in interest in Bitcoin and other cryptos isn't as high as might be expected. This could suggest, as many analysts have, that institutional money is likely behind this latest bull run.

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