Bitcoin Rally Had Little Impact On Crypto Related Downloads
Even though Bitcoin gained more than 300% in the past three months, the number of blockchain related mobile app downloads continue to stagnate.
Information provided by App Annie, a mobile analytics firm, indicates that 65.8 million app downloads were completed in the first half of 2018 whereas in the first six months of 2019, the number of app downloads was 67 million, an increase of mere 1.82%.
The growth in downloads is not as steep as seen in prior years. In the first half of 2017, there was 28.2 million crypto app related downloads, up 45% from 15.30 million downloads in the earlier year.
In the Apple App Store and Google Play store, apps related to cryptocurrency industry were segregated by the use of distinct words such as blockchain, Bitcoin or cryptocurrency in the description. The number of relevant apps has increased by 35% from January 2018, while Bitcoin related searches are down 73% from the high recorded in December 2017.
The Bloomberg report argues that low crypto app growth may be an outcome of a decline in consumer interest for the asset class, in spite of the latest rally. The price rise, however, can be explained by the institutional crypto lender Genesis Capital’s report that says institutional participation in cryptocurrency markets is increasing and could spark further rally in the crypto market.
Veteran trader and author Peter Brandt has forecast that Bitcoin will continue to appreciate, but altcoins may not be able to capitalize. Similarly, Mike Novogratz, Galaxy Digital founder, has forecast that Bitcoin will soon become range bound between $10,000 and $14,000.