Crypto Wallet Downloads Declines for Second Consecutive Year: 32% Down in 2023

<p>In
a year marked by the resurgence of cryptocurrencies, the global interest in
cryptocurrency storage applications has experienced a notable decline. Recent
data reveals that cryptocurrency wallets witnessed a total of 73.6 million
downloads in the first nine months of this year, reflecting a decrease of 32% compared to the same period last year.</p><p>Declining
Interest in Crypto Wallets</p><p>This
drop in downloads marks the second consecutive year of declining interest in
crypto wallets. The number of cryptocurrency wallet downloads has now fallen
significantly below the peak levels observed during the crypto market's boom in
2021. The immense growth of the cryptocurrency market, coupled with Bitcoin's
price rally throughout 2021, led to a surge in cryptocurrency wallet users.</p><p>According
to data from Statista, AppMagic, and CryptoSlate, global users downloaded
nearly 186 million cryptocurrency wallets in 2021, setting a new record high in
the market's history. This number is even more astonishing when compared to the
figures from a few years prior. </p><p>The
statistics show that the total number of downloads in 2021 was 4.5 times higher
than in 2020 when there were approximately 40 million downloads. It was also
ten times higher than in 2019, when the number of downloads stood at 17.5
million.</p><p>However,
following this historic high in 2021, the trend took a downturn. Between
January and December 2022, the monthly downloads more than halved, plummeting
from 16.8 million to 7.8 million. This caused the annual download figure to
decrease 26% year-on-year, totaling 137.5 million downloads.</p><p>73.6 Million Crypto Wallet
Downloads in 2023: A Significant Decrease</p><p>The
decline continued into 2023, with people worldwide downloading 73.6 million
cryptocurrency wallet apps in the first nine months. It included prominent
platforms like <a href="https://www.financemagnates.com/tag/coinbase/">Coinbase</a>,
<a href="https://www.financemagnates.com/tag/blockchain-com/">Blockchain.com</a>,
Metamask, Trust, and <a href="https://www.financemagnates.com/tag/binance/" target="_blank" rel="follow">Binance</a>, among others. This number was substantially lower
than the 109.7 million downloads reported in the same period in the previous year.</p><p>Furthermore,
the monthly download figures exhibit a sharp decline in the popularity of
crypto wallets. After hovering around nine million between January and May this
year, the total number of downloads dipped to approximately seven million in
June and July.</p><p>However,
the decline reached a critical point in September, with statistics revealing a
mere 5.8 million crypto wallet downloads during that month, marking the lowest
number in the past three years.</p><p>Despite
this downward trend, it's worth noting that the overall number of
cryptocurrency <a href="https://www.financemagnates.com/tag/wallet/">wallet</a>
downloaded remains substantial. Statistics indicate that since January 2015,
people worldwide have downloaded more than 490 million applications that
facilitate <a href="https://www.financemagnates.com/tag/cryptocurrency/">cryptocurrency</a>
storage. </p>

This article was written by Tareq Sikder at www.financemagnates.com.