Data Confirms - Crypto Winter Has Been a Long Time Coming
This is a single insight from This Week in Apps #118 - Making a Comeback or Going Away?. Check out the full article for more insights.
The value of Bitcoin continued to drop this week, almost dipping below $20,000 for the first time in a long time. Many were surprised by the collapse of crypto in the last month and didn't see it coming.
If you look at downloads, however, this shouldn't have been a surprise at all. People lost trust in crypto a long time ago and stopped downloading crypto trading apps...
To show you what I mean, I looked at combined download estimates of Coinbase, Binance, Crypto.com, and Trust. The most popular crypto trading apps.
In November, when Bitcoin was at its peak, the four apps saw more than 4 million downloads every week, according to our app intelligence. By February, weekly downloads were down to about half, or just 2 million. Bitcoin was down, but not by that much at that point, so the drop in downloads was, in my opinion, due to the lack of interest from mere mortals.
That was February...
The entire cryptosphere has taken a severe beating in the last month, and so have the downloads. Last week, downloads barely crossed the one million mark. Our estimates put last week at 1.2 million, to be more precise. This time, I think it'd be hard to blame lack of interest...
Winter is indeed coming for crypto, and this one's going to be cold.
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All figures included in this report are estimated. Unless specified otherwise, estimated revenue is always net, meaning it's the amount the developer earned after Apple and Google took their fee.