The European cryptocurrency market is finally recoveing, and in a big way. In a recent report, a software company SplitMetrics saw crypto growing by 94% with 1.6 million crypto trading apps downloaded in the first quarter of 2024. This is really a rebound from last year’s downturn.
Thomas Kriebernegg, General Manager at SplitMetrics, spoke about their excitement: “Crypto is back in a big way this year. After a difficult 2023, the European market is lively again, with major events like the Bitcoin halving in April adding to the excitement.
“According to the study, which analysed data from the App Radar by SplitMetrics platform, the European cryptocurrency sector has grown by 94% with 1.6 million crypto trading apps downloaded in Q1 2024.
“In contrast, Q1 2023 saw only 814k downloads. Compared to Q4 2023, the number of Android downloads has also increased by 35%. At the current rates of downloads, European crypto apps look set to near the high water mark set in 2022 when 7.2 million new users started crypto apps.
“Outside of Europe, the top crypto apps have experienced a 41% increase in Android downloads in Q1 2024 when compared to the same period in 2023, and a 28% increase when compared to Q4 2023.
“With the Bitcoin halving happening in April 2024, the crypto space will most likely gain a lot of traction during the year and when looking at the download numbers we can already get a sense for what might be happening this year.
“It is worth noting that there is a clear correlation between increases in the price of major crypto currencies and download numbers. People clearly don’t want to miss out on a crypto gold rush. The question for the industry is whether it can mature to the point where user growth numbers aren’t as heavily influenced by price fluctuations – put simply, can growth be more consistently sustained?
“Globally, crypto traders on Android will smash the half a billion mark this year – which is a notable milestone. Looking ahead, user acquisition is inevitably going to become more competitive and costly. Platforms will need to diversify their user bases and this means evolving and investing in their marketing to reach new audiences.”
Is There An Impact Beyond Europe?
So, it isn’t just Europe getting back into it. The report shows that crypto apps being downloaded on Android increasing worldwide. In the first quarter of 2024, it went upy by 41% compared to this time last year.
These numbers prove a new and a revived interest and confidence in crypto investments globally. “Crypto traders on Android are set to surpass the half-billion mark this year, showing the sector’s recovery and expansion,” Kriebernegg says.
What Are The Leading Apps
Getting into specifics, the most popular crypto trading apps in Europe for Q1 2024 were:
Luno: 568,000 downloads
Nexo: 525,000 downloads
Blockchain.com: 218,000 downloads
Bitpanda: 104,000 downloads
Wirex: 96,000 downloads
Outside Europe, the top apps include:
Binance: 9.3 million downloads
Cash App: 4.2 million downloads
Trust Wallet: 3.3 million downloads
Bybit: 2.6 million downloads
OKX: 2 million downloads
These apps are leading the way, in bringing in new users as well as keeping existing ones, with innovative features and strong security measures.
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How Did The Recovery Happen?
A few things are “re-peaking” interest in cryptocurrency:
Bitcoin Halving Event: The recent event has historically sparked increased activity and interest in the market.
Recovery From Previous Lows: Both new and seasoned traders are entering the market as it rebounds from the lows of 2023.
The Apps Are More Accessible: More apps are available, so its easier for users worldwide to engage in crypto trading.
Kriebernegg spoke about the outlook, talking about the need for evolution within the industry. “The surge in downloads is thrilling, but it’s necessary for the industry to evolve. We need to focus on growth that is sustainable and not solely dependent on market highs.”
Peter Wood On Assessing The Current Performance Of The Crypto Market
Peter Wood, Chief Technical Officer at Spectrum Search gives great insights on the state of the crypto market…
The current performance of the crypto market is a fascinating topic. We’ve witnessed a significant maturation in the market compared to its early, more volatile days.
Today, we’re seeing a greater degree of stability and resilience, even in the face of global economic uncertainty. This is partly due to the increasing institutional adoption of cryptocurrencies, with major financial players incorporating digital assets into their portfolios. It’s an affirmation of confidence in the long-term viability of blockchain technology.
Crypto’s Evolution Over The Years
The market’s evolution over recent years has been nothing short of remarkable. Initially, the crypto scene was dominated by early adopters and enthusiasts, but now, it’s become a mainstream financial ecosystem.
One of the most notable changes is the development of robust regulatory frameworks. These regulations are providing much-needed clarity and protection for investors, fostering an environment where innovation can thrive.
Blockchain technology has also advanced, enabling faster transaction speeds and improved security measures. Decentralised finance (DeFi) platforms, for instance, have revolutionised the way we think about borrowing, lending, and trading assets, offering new levels of transparency and accessibility.
Trends Or Developments Shaping The Future Of The Crypto Market
Looking ahead, several trends are likely to shape the future of the crypto market. One significant trend is the continued integration of artificial intelligence and machine learning with blockchain technology. This integration is poised to enhance the efficiency and security of crypto transactions.
We’re also seeing a growing interest in central bank digital currencies (CBDCs), which could bridge the gap between traditional financial systems and the crypto world.
Additionally, the rise of non-fungible tokens (NFTs) has opened up new avenues for digital ownership and creativity, indicating that the applications of blockchain technology are expanding beyond finance into areas like art, gaming, and real estate.
There’s also an increasing focus on sustainability within the crypto community.
The environmental impact of crypto mining has been a contentious issue, but innovative solutions like proof-of-stake (PoS) consensus mechanisms are reducing energy consumption significantly. This shift towards greener practices will be crucial for the market’s reputation and long-term success.
The future of crypto is bright, with its potential limited only by our imagination. As the technology continues to evolve, it will undoubtedly disrupt various industries, creating new opportunities and challenges. It’s an exciting time to be involved in the crypto space, whether as an investor, developer, or enthusiast.
