Despite the recent Bitcoin price surge, the download count of the crypto related mobile applications is not increasing. As Bloomberg reported earlier this week, the crypto app downloads stalled amid the mass cryptocurrency market surge – and there is no obvious reason why this happened.
The data from mobile app analytics firm App Annie showed that while in the first half of 2018 there were 65.8 million crypto app downloads, in the first six months of this year there were 67 million. This, as the latest cryptocurrency news show, is an increase of about 1.82%.
Not as sharp as the reported one in previous years, the growth saw 28.2 million crypto apps downloads from 2016 and its 15.3 million. This is a solid 45% increase. Apps related to the industry were also separated by looking for apps including words like Bitcoin, cryptocurrency or blockchain in their description of the app stores.
Bloomberg also noted that the number of relevant apps is up by 35% from January 2018 and points out that the searches for Bitcoin are down by 73% from the peak that was registered in December 2017. The crypto app downloads, in that manner, are slowly decreasing.
The report shared in the altcoin news also shows that low crypto app growth is an indicator of low consumer enthusiasm for the asset class. Despite the recent rally, research from institutional crypto lender Genesis Capital (an affiliate of Genesis Trading) shows that the institutional participation in the cryptocurrency markets is on the rise and could drive a new bull market.
“The apps are just one of many indicators that consumer enthusiasm may not be driving this year’s rally, and that adoption of crypto may not be growing at the same break-neck pace. Google searches for the word Bitcoin were five times higher in December 2017 as well,” the report noted.
As many best cryptocurrency news sites reported earlier this week, the veteran trader and author Peter Brandt recently said that Bitcoin will continue to grow – but altcoins won’t actually feel the benefits.
This week, Galaxy Digital founder and crypto enthusiast Mike Novogratz predicted a new high for the Bitcoin price, which will stabilize between $10,000 and $14,000 according to his predictions.
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