The cryptocurrency market is in a distinctly bearish moment, with a crypto winter cooling down since late last year. In 2022, not only have cryptocurrency values plummeted, with Bitcoin reaching its lowest point in the last 2 years, it has also seen a wave of collapses from big names in the industry such as Luna and FTX.
But with all that has happened in recent months, it seems that the interest of many in entering the sector does not seem to have waned all that much, with the number of cryptocurrency wallet downloads reaching staggering numbers in the hundreds of millions.
According to data collected by Finbold, Between January and October 2022, approximately 102.06 million cryptocurrency wallets were downloaded for Android and iOS devices, in addition to 21 other selected applications that allow the storage of digital currencies.
The value is really impressive after all it represents a millionaire number of people who are interested in cryptocurrencies in one way or another and this is always something positive to analyze because in a sense it shows that there is still a strength of adoption of the sector.
However, looking at last year’s numbers, the number of downloads for 2022 was almost half of the previous year, bad news? Not necessary.
42% fewer downloads than in 2021
The number of downloads fell by 42.37% compared to the 177.85 million downloads in 2021. But that’s not necessarily a bad thing, after all, 2021 saw a peak in downloads and audience interest.
Last year’s download count represents the largest annual spike in cryptocurrency wallet downloads in the industry’s entire history. Analyzing this data with the previous year, 2021 saw a growth of 453.12% compared to the value of 32.95 million in 2020.
That is, we are in a time when cryptocurrency wallet downloads have reached an all-time high, still much higher than in 2020 or even 2017, when there was an initial boom in the industry.
This year’s decline cannot be ignored either, showing that the portfolio audience tends to follow the wave of value, which has not been good for the industry.
So the question remains: if adoption and interest are directly linked to price and price depends on adoption, can the industry find balance to grow organically?
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
