Cryptocurrency mobile applications have gained a massive traction in the recent weeks due to increase in prices of major digital currencies such as bitcoin. Nonetheless, the number of downloads is not increasing as expected and projected by industry experts.
Cryptocurrency Mobile Application Downloads Not Increasing
Data form mobile application analytics firm, App Annie, has revealed that 65.8 million crypto related application downloads were recorded in the first six months of 2018. The same period this year, the number rose to 67 million, that is only 1.82% increase in downloads.
Experts had predicted that the number of downloads would have increased tremendously owing to the fact that increase in bitcoin prices would encourage more people to use the applications. The growth in downloads is also not as sharp as previously reported in the other years. For example in 2017, 28.2 million app downloads were recorded from 15.3 million in 2016. This is a 45% increase and at the time cryptocurrency and blockchain technology were not as popular as they are today.
In the Apple and Google app stores, words such as blockchain, cryptocurrency, and bitcoin are used to individuate the apps. Another report by Bloomberg shows that the number of crypto relevant apps has increased by 35% from January last year. The searches for information related to bitcoin are down compared to data captured in December 2017.
What Does This Mean?
One of the things we can learn from this report is that there is an unexpected low cryptocurrency mobile application growth. This is a clear indication of the low consumer enthusiasm for this group of assets despite the recent increase in price.
Another research by Genesis Capital, an institutional crypto lender that is affiliated with Genesis Global Trading shows that participation of institutions in the cryptocurrency market has increased tremendously and could be the reason for the current bull market.
The low number of cryptocurrency related mobile application downloads is a sign that the industry is evolving. The lack of enthusiasm means that companies that offer crypto services need to rethink their strategies to stay relevant and make a profit from the market.