The need to be integrated with crypto and aligned with its massive use cases in a rapidly changing world is very important. This is where crypto wallets come into play. These are things that many people and large companies today want to get their hands on.
Now, despite increased volatility in the market, crypto wallet downloads have peaked at 100 million for 2022 and it doesn’t stop there.
With the crypto rush, the demand for crypto wallets has also increased this year. Corresponding FinboldFrom January to October 2022, there was an increase of approximately 102.06 million downloads of wallets for both iOS and Android devices, encompassing over 21 wallet applications that enable storage.
January 2022 records highest peak
January obviously saw downloads rising to 16.13 million, which is the highest monthly downloads for 2022. The numbers slipped to 8.9 million by October.
On the other hand, the latest numbers show a massive drop of around 43.25% based on 177.85 million downloads in 2021.
So far, 2021 has registered the highest number of downloads for wallets, which is remarkably higher than the 2020 statistics, which recorded 32.95 million.
The increase or movement in wallet downloads doesn’t really mean an increase in users on the platform, as some investors may have created multiple wallets on one device.
Crypto wallet downloads show market trends
Recent numbers show that the remarkable growth in crypto wallets reflects broader market trends. Obviously, the market had a seismic bull run in 2021, which also affected the peak in wallet downloads.
Bitcoin had its ATH in 2021 as well as other digital assets. Investors jumped into the digital currency space looking to ride the next big wave in transactions such as remittances, trading, investing, yield farming, peer-to-peer transactions, and the like.
On the other hand, wallet downloads have also capsized along with the bear market with waning interest. The decreased interest in digital currencies was accelerated by the crash of Terra (LUNA) and also the FTX exchange.
The collapse of FTX has also caused liquidity problems, which in turn has triggered a surge in downloads.
More and more wallets are turning into mainstream, especially with the seamless integration of digital currencies with bank accounts or fiat.
Crypto total market cap at $781 million on the daily chart | Featured image from Inside Telecom, Chart: TradingView.com