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Crypto Wallet Downloads Declines for Second Consecutive Year: 32% down in 2023
Cryptocurrency wallet downloads decreased by 32% in 2023, reaching a three-year low of 73.6 million downloads in the first nine months.
Key Takeaways
- Crypto wallet downloads have declined by 32% in 2023, reaching a three-year low.
- This marks the second consecutive year of declining interest in crypto wallets.
- In 2021, there were 186 million crypto wallet downloads, significantly higher than previous years.
- The monthly downloads dropped from 16.8 million in 2022 to 5.8 million in September 2023.
73.6 Million Crypto Wallet Downloads in 2023
In a year that saw a resurgence of cryptocurrencies, the global interest in cryptocurrency storage applications has taken a hit. Recent data reveals that cryptocurrency wallet downloads have experienced a significant decline, with a total of 73.6 million downloads in the first nine months of 2023, reflecting a sharp 32% decrease compared to the same period in the previous year.
This marks the second consecutive year of declining interest in crypto wallets, as the number of downloads has fallen far below the peak levels observed during the cryptocurrency market’s boom in 2021. During that time, global users downloaded nearly 186 million cryptocurrency wallets, setting a new record high. This astonishing number was a stark contrast to figures from just a few years earlier.
To put it in perspective, 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.
However, after the historic high in 2021, the trend reversed. Between January and December 2022, monthly downloads more than halved, plummeting from 16.8 million to 7.8 million. This resulted in a 26% year-on-year decrease in the annual download figure, totaling 137.5 million downloads.
The decline continued into 2023, with a total of 73.6 million cryptocurrency wallet app downloads in the first nine months. Notable platforms such as Coinbase, Blockchain.com, Metamask, Trust, and Binance were included in this count. This number was significantly lower than the 109.7 million downloads reported in the same period the previous year.
Crypto Wallet Downloads Declines for Second Consecutive Year: 32% down in 2023 https://t.co/SrNUkL6p5t pic.twitter.com/noFnZ9Cdx8
— Jack (@arrowsmith) October 23, 2023
Monthly download figures also reveal a sharp decline in the popularity of crypto wallets. After averaging around nine million between January and May 2023, the total number of downloads dipped to approximately seven million in June and July. 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.
Despite this downward trend, it’s essential to note that the overall number of cryptocurrency wallet downloads remains substantial. Since January 2015, people worldwide have downloaded more than 490 million applications that facilitate cryptocurrency storage.
Overall
The declining interest in crypto wallet downloads could be attributed to a maturing market and changing user preferences. As the cryptocurrency landscape evolves, users may be seeking alternative means of managing their digital assets, such as decentralized finance (DeFi) platforms or custodial services offered by exchanges. It will be interesting to observe how wallet providers adapt to these changing dynamics and whether the trend will continue in the coming years.
