It appears the mass FOMO around crypto investing may be wearing thin with new data revealing a noticeable drop in crypto app downloads this year, according to market intelligence firm Sensor Tower.
Downloads for the top ranked app in 2021 vs 2022 are down 82% with overall app downloads down 72% across the same period of time.
Sensor Tower data collects first-time downloads only (so if an app is redownloaded it won't show in the data), however, there are noticeably fewer crypto app downloads in 2022 vs 2021. Overall downloads of the top 30 crypto apps decreased 72% in 2022.
CoinSpot has seen nearly 80% less downloads in May 2022 vs May 2021. CoinSpot and Binance have been battling it out for the top spot for the past 12 months with Binance overtaking CoinSpot (for the time being). Aussie-based CoinSpot saw over 1 million downloads in 2021 but has noticeably dipped in 2022. Aussie-based Swyftx also performed strongly in 2021, ranking fifth on the annual AU download list but is now down to 8th spot in May 2022. New players do appear to be emerging though such as ‘Phantom' which trades only in NFTs.
“Crypto app downloads are fundamentally in lockstep with the value of Bitcoin so any market fluctuation has a direct impact on consumer behaviour," says Eugene Du Plessis, regional director of Sensor Tower.
"With the crash of TerraUSD last month, we are certainly seeing a cooling across the board for all crypto apps although this isn't necessarily a cause for concern as we've seen the market's ability to bounce back strongly before," he says.
“Coinspot currently has the highest daily active users and Binance users aren't far behind, showing whilst fewer people are downloading these apps, activity remains high for those already using them," says Du Plessis.
"I expect to see new entrants entering the market once the sector stabilises, particularly within the NFT space.
Du Plessis says that whilst crypto app download has slowed for the time being, they are not seeing no signs of this across the app market more generally.
"In fact, our latest Sensor Tower report has shown that Australia is the top forecasted climber globally, with the app market set to be worth over AUD$7 billion by 2026," he says.
The Download metric that is tracked in Sensor Tower's platform is a unique download per Apple ID or Google Play account. That means they do not count: Re-downloads (i.e., you install, then delete, then reinstall the same app), App updates (i.e., all users are upgraded to version 2.1) Subsequent downloads on new/additional devices for existing Apple ID or Google Play account (i.e., I buy a new iPhone 8 and “re-download” all apps that were previously on my iPhone 7; the same logic applies to purchasing a new tablet).