Cryptocurrency Mobile App Downloads Stall Amid Price Surge: Report

Despite bitcoin’s (BTC) recent price surge, the download count of cryptocurrency-related mobile applications is not increasing, Bloomberg reports on June 28

Data form mobile app analytics firm App Annie shows that, while in the first half of 2018 there were 65.8 million cryptocurrency-related app downloads, in the first six months of this year there were 67 million, an increase of about 1.82%. 

This growth is not nearly as sharp as that reported in previous years, considering that the first half of 2017 saw 28.2 million crypto apps downloads from 2016’s 15.3 million, a 45% increase.

Apps related to the industry were individuated by looking for apps including words like bitcoin, cryptocurrency, or blockchain in their description in the finance category of the Apple App Store or Google Play store. Bloomberg also notes that the number of relevant apps is up 35% from January 2018 and points out that searches for bitcoin are down 73% from the peak registered in December 2017.

The report postulates that low crypto app growth is an indicator of low consumer enthusiasm for the asset class, despite the recent rally. Indeed, recent research from institutional crypto lender Genesis Capital — an affiliate of Genesis Global Trading — indicates that institutional participation in cryptocurrency markets is on the rise, and could be a driver of the recent bull market. 

As Cointelegraph reported earlier this week, veteran trader and author Peter Brandt predicted in a recent market forecast that bitcoin will continue to grow, but altcoins will not feel the benefits.

Also this week, Galaxy Digital founder and crypto enthusiast Mike Novogratz predicted that Bitcoin’s price will stabilize between $10,000 and $14,000.