European crypto apps have added 4 million Android users in H1 2022, however, app downloads fall by 45% year-on-year
An in-depth analysis of crypto app download trends on Google Play Store by app analytics and marketing company App Radar has revealed that the European cryptocurrency sector has grown by 11% as 4 million European crypto trading Android apps have been downloaded in the first half of 2022.
Despite the growth, the number of downloads in H1 2022 (4.1m) is 45% lower when compared to H1 2021 (7.5m). The crypto market is coming off the height of a huge boom in 2021 and is still experiencing strong growth – Bitcoin was at its all-time high of nearly $69,000 in November 2021.
Activities in the European market are reflecting what is also happening on a global level, as the global crypto Android app market has grown by 13% in H1 2022 but with 39% less Android app downloads when compared to H1 2021.
Luno is the fastest European growing app as it added the most Android users in H1 2022 (1.5m), followed by Blockchain.com (930k), Nexo (658k), Wirex (550k) and Bitpanda (197k).
Coinmetro experienced the highest year-on-year percentage user growth with 48% more downloads in H1 2022 when compared to H1 2021, followed by Bitstamp (14%) and Change (2%).
Blockchain.com, Luno, BRD, Wirex and Nexo were the top five apps in terms of lifetime Google Play downloads (as of 30 June 2022) with 13.8m, 10m, 7.6m, 3.4m and 2.9m downloads respectively.
Silvio Peruci, Managing Director of App Radar, said: “The recession, the Bitcoin crash, the collapse of terraUSD and staff layoffs have been making headlines recently. Indeed, cryptocurrencies lost almost $2 trillion in value since its peak in 2021 and Bitcoin’s price is 70% lower than its November all-time high of $69,000. It’s no surprise that commentators are analysing the sector with a magnifying glass.
“However, as our research shows, it’s not all doom and gloom. The sector continues to grow and add millions of users each month, meaning that there is demand for alternative investment methods. More people are taking investing and owning cryptos and NFTs more seriously, so the battle is on to be their preferred wallet or trading platform. And given the digital nature of crypto, the centre stage for that battle is people’s phones.
“As the market starts to level off, the challenge for crypto trading apps is to retain its user base, which can be as difficult as acquiring new ones. But it is retention that could be the difference between success and failure. Companies that will focus on features, usability and visibility in the marketplace will emerge as market leaders at the end of 2022.”
The analysis follows App Radar’s recent launch of a new innovative tool that enables marketing teams to work within one platform and combine their app’s organic and paid user acquisition data in one place for both Google and Apple app stores.
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