Crypto app downloads have fallen sharply in Australia, according to the latest data from market intelligence company Sensor Tower.
Downloads of the top 30 crypto apps have dropped 72% in 2022, with Australian-based CoinSpot had nearly 80% fewer downloads in May vs May 2021.
CoinSpot saw over 1 million total downloads in 2021, with 226,400 coming in May of last year – enough to claim the top spot – but has only managed 35,100 downloads for May this year, putting it in second place behind Binance (41,400 downloads).
Another locally-based app, Swyftx, also performed strongly in 2021, ranking fifth on the annual AU download list, but is now down to the eighth spot with just 11,400 downloads.
Eugene Du Plessis, regional director of Sensor Tower, said: “Crypto app downloads are fundamentally in lockstep with the value of Bitcoin so any market fluctuation has a direct impact on consumer behaviour.
“With the crash of TerraUSD last month, we are certainly seeing a cooling across the board for all crypto apps, although this isn’t necessarily a cause for concern as we’ve seen the market’s ability to bounce back strongly before.
“Coinspot currently has the highest daily active users and Binance users aren’t far behind, showing whilst fewer people are downloading these apps, activity remains high for those already using them. I expect to see new entrants entering the market once the sector stabilises, particularly within the NFT space.
‘Whilst crypto app download has slowed for the time being, we’re seeing no signs of this across the app market more generally. In fact, our latest Sensor Tower report has shown that Australia is the top forecasted climber globally, with our app market set to be worth over $7 billion AUD by 2026."
Sensor Tower’s data comes from the largest first-party mobile app panel worldwide, combined with robust 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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