The end of crypto is here. Well, I'm not exactly sure about that. After all, Bitcoin did rise above 20K this week.
But while some are still interested in crypto, the masses seem to have lost interest.
That's very clearly visible when looking at demand for the top crypto-buying apps.
According to our estimates, collective downloads of the top crypto apps which include Coinbase, Binance, Trust, and Crypto.com, dropped more than 65% between January and December of 2022.
Coming off of a very strong 2021, apps in the collection made their way into more than 10M devices in January of 2022, according to our estimates. Binance led the way with Trust behind it.
By the summer, new downloads dropped by nearly half, and in December, downloads reached a low point, dipping below 4M for the first time this year.
Binance saw the steepest decline but every app in this collection dipped throughout the year.
To those in crypto this should make perfect sense, but that's exactly it. What apps like Coinbase almost managed to do -- bring crypto to the masses -- just almost happened and then didn't. And that's not something I see changing in crypto's favor any time soon.
NFTs aren't popular enough to meet this end, and I don't expect that to happen any time soon either, but it's a trend I'm watching.
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