Despite “crypto winter”, wallet downloads surpass 100 million

Posted on

The cryptocurrency market is in a definitely bearish moment, with a crypto winter that has been cooling since the end of last year. 2022 saw not only cryptocurrency values ​​plummet, with Bitcoin hitting its lowest in the last 2 years, it also saw a wave of meltdowns from big names in the sector, such as Luna and FTX.

Still, with everything that has happened in recent months, it seems that the interest of many to enter the sector does not seem to have diminished so much, with the number of downloads of cryptocurrency wallets reaching impressive numbers in the hundreds of millions.

According to data collected by Finbold, between January and October 2022, about 102, millions of cryptocurrency wallets have been downloaded for Android and iOS devices, plus others 21 selected applications that allow the storage of digital currencies.

The value is really impressive, after all it represents a millionaire amount of people who are somehow interested in cryptocurrencies, and this is always something positive to be analyzed, since, in a way, it demonstrates that there is still a force of adoption in the sector.

No However, if we look at last year’s numbers, the number of downloads of 2022 was almost half of the previous year, bad news? Not necessarily.

42 % fewer downloads than

The number of downloads has dropped by 95,2000% about the 177, 85 million downloads on

. But that’s not necessarily a bad thing, after all, 2021 had a spike in downloads and public interest.

Last year’s number of downloads represents the biggest annual spike in cryptocurrency wallet downloads in the entire history of the industry. If we analyze this data with the previous year,

saw a growth of 929,12% in relation to the value of ,95 millions of 2020.

Number of cryptocurrency wallet downloads downloaded annually since

That is, we are at a time when downloads of cryptocurrency wallets are at an apex, still much higher than in 2020 or even 2017, when there was the first sector boom.

This year’s decrease cannot be ignored either, showing that portfolios tend to follow the wave of value, which has not been good for the sector.

Therefore, the question remains: If the adoption and the interest is directly linked to the price and the price depends on the adoption, it is pos Is it possible for the sector to find balance to grow organically?