The crypto market has been in the doldrums after witnessing the record highs during November of the last year. The downturn in the market has had a direct impact on the crypto apps ecosystem in Europe. According to the latest numbers presented by StockApps, the number of crypto apps-installs in Europe was down by almost 20 per cent during the first quarter of 2022.
19.9 million apps installed during Q1 202
According to a recent report from Sensor Tower, a total of 19.9 million crypto apps were installed during the first quarter of 2022. In comparison, 24.8 million crypto apps were downloaded in European countries during the first quarter of 2021. Thus, quarterly crypto app installs were down by 19.8 per cent during Q1 2022.
It’s certainly not strange to see that the number of apps being installed strongly correlates with how the crypto market is doing. The past year was a landmark one in the history of cryptocurrency as the significant coins touched their record highs during Q2 and Q4. The same quarters have also witnessed the highest number of app installs in Europe. Furthermore, the crypto market also fell sharply during the Q3, and the volume of app-installs also mimics that.
16 million to 97 million installs in 2021
The number of app installs might have taken a hit in the past quarter, but this number was enough to eclipse the total downloads in 2020.
Before 2021, crypto apps were not common in Europe. However, crypto apps were mass-adapted by European crypto enthusiasts in 2021. According to the numbers in the report, only seven million crypto apps were installed in 2019. This number increased by 129 per cent to 16 million in 2020. In 2021, the number of installs reached 97 million, indicating a massive increase of more than 500 per cent in annual downloads.
The report also mentions that KuCoin and MetaMask are currently the fastest growing crypto apps in Europe. Furthermore, Turkey and the UK were the most prominent European markets in Q1 2022.
Vyom Chaudhary, an editor at StockApps, commented, “The recent drop in installs of crypto apps in Europe is indicative of the entire crypto market. The number of installs should increase if the crypto market recovers in the near future and vice versa. However, it can’t be ignored that crypto apps have become hugely popular in Europe since 2021.”