The crypto bear market has had a significant impact on investment patterns in the space. Where interest peaked in the 2021 bull market, the reverse was the case during the 2022 downtrend. crypto exchange across space. In particular, the number of crypto app downloads in the European market.
The number of crypto applications is halving
A new report showed that crypto app downloads in the European market were down. It took data from 10 apps that had generated millions of downloads and compared the data for the first half of 2022 to the numbers for the first half of 2021. This showed that there was an almost 50% drop in numbers.
In the first half of 2021, there were a total of 7.5 million downloads across these 10 cryptocurrency apps. However, in the first half of 2021, there were a total of 4.1 million downloads across all of these apps, a 45% drop between the two periods.
The data was gathered 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 among European investors, making them a good option for the report.
Naturally, some crypto apps saw a bigger drop than others. The market’s biggest hit has been BRD, an app that saw its downloads decline by 97% between the first half of 2021 and the first half of 2022.
Next on the list was the Bitpanda app, which fell 65% over the same period. Blockchain.com is a crypto exchange that has been hit hard by the recent bear market trend. The company has had to lay off a good portion of its staff, and the download numbers show just how struggling the platform is. Its downloads are down 51% in the first half of 2022.
Other crypto apps that were hit by the downtrend included Luno, Kriptomat, and Nexo, with declines of 17%, 10%, and 10%, respectively. Wirex downloads fell 5%, the lowest of any app with a loss. Interestingly, some on the list actually saw an increase in their number of downloads.
Three of the 10 total apps surveyed saw increases. 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 across the bear.
Featured image from News18, chart from TradingView.com
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