European crypto sector grows by 94% with 1.6m new customers in first quarter

London, UK — An evaluation of crypto buying and selling app obtain tendencies on the Google Play Retailer by app development options firm, SplitMetrics, means that the cryptocurrency sector has bounced again following a difficult 12 months in 2023.

Based on the examine, which analysed information from the App Radar by SplitMetrics platform, the European cryptocurrency sector has grown by 94% with 1.6 million crypto buying and selling apps downloaded in Q1 2024. In distinction, Q1 2023 noticed solely 814k downloads. In comparison with This fall 2023, the variety of Android downloads has additionally elevated by 35%.

On the present charges of downloads, European crypto apps look set to close the excessive water mark set in 2022 when 7.2 million new customers began crypto apps.

Exterior of Europe, the highest crypto apps have skilled a 41% improve in Android downloads in Q1 2024 when in comparison with the identical interval in 2023, and a 28% improve when in comparison with This fall 2023.

These are indicators of development for 2024 because the crypto sector is bouncing again from the lows of 2023. Whereas the European crypto sector gained 3.8m Android customers in 2023, it was a 48% lower when in comparison with 2022’s 7.2m. Apps headquartered exterior of Europe fared barely higher with a 14% lower from 96m to 83m.

Cumulatively, crypto apps have reached practically half a billion lifetime downloads (449m). Whereas the sector skilled a 16% lower in Android app downloads in 2023 – from 2022’s 104m to 2023’s 87m – the worldwide crypto trade is displaying indicators of promising development with a rise of 43% in Q1 2024 (30m) vs Q1 2023 (21m), and a 28% improve vs This fall 2023 (24m).

The highest 5 apps with European HQs in Q1 2024 had been: Luno (568k), Nexo (525k), Blockchain.com (218k), Bitpanda (104k) and Wirex (96k).

The highest 5 apps with HQs exterior Europe had been: Binance (9.3m), Money App (4.2m), Belief (3.3m), Bybit (2.6m) and OKX (2m),

When it comes to lifetime downloads, the highest apps with crypto buying and selling performance are: Binance (111m), Money App (102m), Belief (47m), Coinbase (NASDAQ:) (43m), and Crypto.com (38m).

Thomas Kriebernegg, Basic Supervisor, SplitMetrics Company, mentioned: “Crypto is again in an enormous method this 12 months. The European crypto app market had a very difficult 2023 because it got here off pandemic highs and vital falls within the value of . With the Bitcoin halving occurring in April 2024, the crypto house will most definitely achieve lots of traction in the course of the 12 months and when trying on the obtain numbers we will already get a way for what could be occurring this 12 months.

“It’s price noting that there’s a clear correlation between will increase within the value of main crypto currencies and obtain numbers. Folks clearly don’t need to miss out on a crypto gold rush. The query for the trade is whether or not it could possibly mature to the purpose the place person development numbers aren’t as closely influenced by value fluctuations – put merely, can development be extra constantly sustained?

“Globally, crypto merchants on Android will smash the half a billion mark this 12 months – which is a notable milestone. Wanting forward, person acquisition is inevitably going to turn out to be extra aggressive and expensive. Platforms might want to diversify their person bases and this implies evolving and investing of their advertising and marketing to succeed in new audiences.”