Despite over 6,500 cryptocurrency apps across iOS and Google Play, the volatile value of bitcoin and increasing regulations point to slowed growth in consumer demand.
At the end of Q2 2019, there have been major movements in the cryptocurrency and bitcoin space — the value of bitcoin reached historic highs followed by dramatic decreases and regulatory concerns arose around the security of the cryptocurrency industry. Facebook's recently announced Libra cryptocurrency highlights the potential for crypto to widen its reach and move further mainstream.
Why It Matters:
The number of cryptocurrency mobile management apps available to consumers has reached over 6,500 across iOS and Google Play, an increase of 35% from January 2018. While mobile is the primary global channel for cryptocurrency, the first half of 2019 saw only 67 million downloads of cryptocurrency applications, which is a 5% decrease year-over-year.
Despite the slowed growth in downloads after the large crypto-boom in H2 2017, demand still remains high. By allowing users to monitor, store and trade currency at any time or place, these apps have become a critical tool for currency traders. The performance of cryptocurrency management apps is tied closely to currency values and consumer excitement. Peaks and troughs in trading values will continue to be reflected in app usage.
While the initial boom of early adopters may have slowed in the cryptocurrency space, formalized regulations and increasing acceptance of crypto payments from businesses point toward continued mainstream adoption.
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This post is the latest in a Mobile Minute series that features App Annie’s perspective on how mobile is impacting current events and consumer trends. Check in weekly for our take on the latest news cycles and how mobile transformation is shaping industries around the world.
July 17, 2019Mobile Minute