The need to be integrated with crypto and be aligned with its massive use cases in a fast-changing world is very important. With this, crypto wallets come into the picture. These are things that many people and large companies today want to get their hands on.
Now, in spite of the increased volatility in the market, crypto wallet downloads for 2022 have peaked at 100 million and it’s not stopping there.
With the crypto rush, the demand for crypto wallets has also increased this year. According to Finbold, there was a spike of approximately 102.06 million downloads of wallets seen from January to October 2022 for both iOS and Android devices comprising over 21 wallet applications that allow storage.
January 2022 Registers Highest Spike
January has evidently recorded downloads that spiked at 16.13 million which stamps the highest monthly downloads for 2022. The figures slipped by October to 8.9 million.
On the other hand, the recent figures show a massive plunge of roughly 43.25% based on the downloads of 177.85 million as seen in 2021.
So far, 2021 has registered the highest number of downloads for wallets which is remarkably higher than 2020’s stats which recorded 32.95 million.
The increase or movement in wallet downloads does not really connote a boost of users in the platform because some investors may have multiple wallets created in one device.
Crypto Wallet Downloads Depict Market Trends
The recent figures show that the remarkable growth in crypto wallets depicts overall market trends. Evidently, in 2021, the market had a seismic bull run which also influenced the peak of wallet downloads.
Bitcoin had its ATH in 2021 as well as other digital assets. Investors jumped into the digital currency space wanting to ride the next big wave in transactions such as remittances, trading, investing, yield farming, peer-to-peer transactions, and the like.
On the other hand, the wallet downloads have also capsized alongside the bear market with the waning of interest. The decreased interest in digital currencies has been precipitated by the crash of Terra (LUNA) and also the FTX exchange.
The FTX meltdown has also caused liquidity issues, which in turn has triggered a surge in downloads.
More wallets are morphing into the mainstream, especially with the seamless integration of digital currency with bank accounts or fiat.
Crypto total market cap at $781 million on the daily chart | Featured image from Inside Telecom, Chart: TradingView.com