New report reveals that downloading of cryptocurrency-connected mobile apps have stalled despite the price surge recently enjoyed by bitcoin (BTC).
Data from App Annie
According to data from App Annie, a mobile analytics company, 67 million crypto-related apps were downloaded in the first half of 2019. Compared to the 65.8 million downloads during the first six months of 2018, this year’s numbers showed a 1.82% increase.
However, the growth isn’t as impressive as the previous years. For instance, 2017 experienced 28.2 cryptocurrency-based apps downloaded during the first half of the year. Compared to 2016’s 15.3 million downloads, 2017 enjoyed a 45% boost.
Mobile apps related to the crypto industry were distinguished by looking for applications that included terms like bitcoin, blockchain, or cryptocurrency in their summarization in the finance category in the Google Play store and the Apple App Store.
Meanwhile, a Bloomberg report noted that the number of pertinent apps rose to 35% from January of last year while searches for bitcoin went down 73% from the high it recorded in December 2017.
Low Consumer Interest
The report theorized that the low growth of crypto apps is a sign of low consumer interest for assets, despite the recent resurgence of the digital coin. After all, recent research from Genesis Capital, a crypto lender and an offshoot of Genesis Global Trading, showed that institutional participation in the crypto market is on the upswing. This could be the prime mover of the current bull market.
Bitcoin’s growth was also predicted by author and veteran trader Peter Brandt. He claimed in a recent market analysis that bitcoin will continue to move forward. However, altcoins won’t benefit from it.