Analysis of Crypto Trading App Download Trends in 2024
Crypto Trading App Downloads Surge in 2024: SplitMetrics Analysis
An analysis conducted by SplitMetrics, an app growth solutions company, reveals a significant rebound in the cryptocurrency sector following a challenging year in 2023. The study, based on data from the App Radar by SplitMetrics platform, indicates substantial growth in crypto trading app downloads on the Google Play Store.
European Crypto Sector Growth
The European cryptocurrency sector has shown impressive growth, with a 94% increase in crypto trading app downloads, reaching 1.6 million in Q1 2024. This is a notable rise from the 814,000 downloads in Q1 2023. Additionally, there was a 35% increase in downloads compared to Q4 2023. If this trend continues, European crypto apps are on track to approach the high mark of 7.2 million new users set in 2022.
Global Download Trends
Globally, the top crypto apps have experienced a 41% increase in Android downloads in Q1 2024 compared to the same period in 2023 and a 28% increase compared to Q4 2023. This marks a significant recovery for the sector, which had seen a 16% decrease in Android app downloads in 2023, dropping from 104 million in 2022 to 87 million in 2023.
Lifetime Download Milestones
Cumulatively, crypto apps have achieved nearly half a billion lifetime downloads, reaching 449 million. In Q1 2024 alone, there was a 43% increase in downloads (30 million) compared to Q1 2023 (21 million) and a 28% increase compared to Q4 2023 (24 million).
Top Crypto Apps by Region
In Q1 2024, the top five crypto trading apps headquartered in Europe were:
Luno - 568,000 downloads
Nexo - 525,000 downloads
Blockchain.com - 218,000 downloads
Bitpanda - 104,000 downloads
Wirex - 96,000 downloads
For apps headquartered outside Europe, the top five were:
Binance - 9.3 million downloads
Cash App - 4.2 million downloads
Trust - 3.3 million downloads
Bybit - 2.6 million downloads
OKX - 2 million downloads
In terms of lifetime downloads, the leading apps with crypto trading functionality are:
Binance - 111 million downloads
Cash App - 102 million downloads
Trust - 47 million downloads
Coinbase - 43 million downloads
Crypto.com - 38 million downloads
Industry Insights and Future Outlook
Thomas Kriebernegg, General Manager of SplitMetrics Agency, remarked, “Crypto is back in a big way this year. The European crypto app market had a particularly challenging 2023 as it came off pandemic highs and significant falls in the price of Bitcoin. With the Bitcoin halving happening in April 2024, the crypto space will most likely gain a lot of traction during the year and when looking at the download numbers we can already get a sense for what might be happening this year.”
He added, “There is a clear correlation between increases in the price of major cryptocurrencies and download numbers. The question for the industry is whether it can mature to the point where user growth numbers aren’t as heavily influenced by price fluctuations. Looking ahead, user acquisition is inevitably going to become more competitive and costly. Platforms will need to diversify their user bases and this means evolving and investing in their marketing to reach new audiences.”
