Crypto app downloads plummet in Australia
Behnam Norouzi via Unsplash.
Downloads of crypto apps have fallen sharply in Australia, according to the latest data from market intelligence firm Sensor Tower,
Downloads of the top 30 crypto apps fell 72% in 2022, with Australian company CoinSpot seeing nearly 80% fewer downloads in May compared to May 2021.
CoinSpot saw over a million total downloads in 2021, including 226,400 in May last year – enough to claim the top spot – but only managed 35,100 downloads for May this year, placing it in second place behind Binance (41,400 downloads).
Another local app, Swyftx, also performed well in 2021, ranking fifth on AU’s annual downloads list, but is now in eighth place with just 11,400 downloads.
Eugene Du Plessis, Regional Director of Sensor Tower, said, “Crypto app downloads are fundamentally in sync with the value of Bitcoin, so any market fluctuation has a direct impact on consumer behavior.
“With the crash of TerraUSD last month, we are certainly seeing a general cooling for all crypto applications, although this is not necessarily cause for concern as we have seen the market’s ability to rebound strongly before.
“Coinspot currently has the highest number of daily active users and Binance users are not far behind, showing that while fewer people are downloading these apps, activity remains high for those who are already using them. I m expect to see new entrants enter the market once the industry stabilizes, especially in the NFT space.
“While crypto app downloads have slowed at the moment, we see no signs of this in the app market more generally. In fact, our latest Sensor Tower report showed Australia to be the country climbing the best in the world, with an app market expected to be worth more than A$7 billion by 2026.”
Sensor Tower’s data comes from the largest panel of first-party mobile apps in the world, combined with strong data science modeling, from which they can derive highly accurate estimates of app performance.
Crypto App Downloads – May 2022
Crypto App Downloads – May 2021
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