Cryptocurrency wallets downloads plummeted 32% to 73.6 million in the first nine months of the year despite their return.
The world’s interest in cryptocurrency storage applications has significantly decreased in a year that has seen a comeback of cryptocurrencies. According to recent data, there were 73.6 million downloads of cryptocurrency wallets in the first nine months of this year, which is a 32% decline from the same period last year.
Reduced Interest in Virtual Cryptocurrency Wallets
This decline in downloads is the result of a diminishing interest in cryptocurrency wallets for the second year in a row. The quantity of wallet downloads for cryptocurrencies has now considerably decreased from the highest points recorded in 2021, when the market was at its height. Users of cryptocurrency wallets increased dramatically as a result of the market’s enormous growth and the price boom of Bitcoin in 2021.
Data from AppMagic, CryptoSlate, and Statista indicates that in 2021, consumers downloaded around 186 million cryptocurrency wallets worldwide, a record high in the history of the business. When you compare this number to the data from a few years ago, it becomes even more astounding.
According to the data, there were 4.5 times as many downloads overall in 2021 as there were in 2020 (about 40 million downloads). Additionally, it was 10 times more than the 17.5 million downloads that occurred in 2019.
However, the tendency declined after reaching this historic peak in 2021. From January 2022 to December 2022, the monthly downloads fell from 16.8 million to 7.8 million, a more than halving. As a result, the yearly download total—137.5 million—dropped by 26% from the previous year.
73.6 Million Downloads of Crypto Wallets in 2023: A Notable Drop
In the first nine months of 2023, 73.6 million cryptocurrency wallet apps were downloaded globally, indicating that the drop was still there. It featured well-known websites including Binance, Trust, Metamask, Blockchain.com, Coinbase, and others. Compared to the 109.7 million downloads recorded during the same period last year, this figure was significantly lower.
Moreover, the monthly download statistics show a precipitous drop in the use of cryptocurrency wallets. The total number of downloads fell to about seven million in June and July of this year, from a range of nine million in January through May.
But September was a turning point in the decrease, as data showed that just 5.8 million crypto wallet downloads occurred in that month—the fewest in the previous three years.
It’s important to remember that there are still a significant amount of cryptocurrency wallets downloaded overall, despite this decreased trend. According to statistics, over 490 million programmes that make storing cryptocurrency easier have been downloaded globally since January 2015.
