Are you an investor, with a huge amount invested in several cryptocurrencies, you may want to rethink that decision.
Due to many reasons that may not be exhaustible, investors are borrowing common sense and walking away from cryptocurrency.
A smart decision you may say, but it is one that has led to the fall in crypto wallet downloads by one-third.
Cryptocurrencies made a serious comeback this year despite the regulatory twists and ups and downs seen in the past months.
However, the global interest in apps that allow for cryptocurrency storage continues falling.
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In 2021, crypto wallets saw 73.6 million downloads in nine months of the year, or 32% less than in the year-ago period.
The number of crypto wallet downloads has however, since fallen deep below the figures seen at the peak of the crypto market in 2021.
That impressive growth of the crypto market and Bitcoin’s price rally throughout 2021 led to a surge in crypto wallet users.
According to Statista, AppMagic and CryptoSlate data, people worldwide downloaded nearly 186-million crypto wallets in 2021 alone, the highest figure in the market’s history.
This number is even more impressive compared to downloads a few years before.
Statistics show the total number of downloads in 2021 was 4-5 times higher than in 2020, which saw roughly 40-million downloads, and 10 times higher than in 2019, when the number of downloads stood at 17.5 million.
But after reaching an all-time high in 2021, download figures started falling.
Between January and December 2022, the monthly number of downloads more than halved.
It has falling from 16.8 million to 7.8 million, causing the annual number of downloads to drop by 26% year-over-year to 137.5 million.
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The negative trend continued in 2023, with people worldwide downloading just 73.6 million crypto wallet apps in nine month.
This includes Coinbase, Blockchain.com, Metamask, Trust, and Binance, among others.