Cryptocurrency Applications Didn’t Experience Growth Despite Bitcoin Price Market Surge
- Bitcoin’s price has been growing throughout the year but crypto-related apps didn’t grow as expected
- The bull run in the market could be related to institutions entering the space
Although Bitcoin (BTC) has been growing during the last months, it seems that applications related to virtual currencies didn’t experience good performance. Indeed, they have not seen an increase in downloads so far. This is according to a report released by Bloomberg on June 28.
Crypto Apps Are Not Following Bitcoin’s Price
Bloomberg cites the app tracker App Annie that shows that crypto-related applications are currently not gaining more clients compared to 2018 when the market was in a bear trend. According to reports cited by u.today, the majority of crypto trading in the United States is conducted using mobile phones rather than through desktop computers.
App Annie conducted its analysis with data gathered form applications from Google Play and the App Store. At the same time, the finance category registered 6,500 applications with the word blockchain, cryptocurrency or Bitcoin. In 2019, users just downloaded 1.2 million more apps than last year, moving from 65.8 million to 67 million downloads.
The price increase that Bitcoin has currently experienced could be related to other reasons rather than just retail investors entering the space. Bloomberg suggests that institutional investors could be behind the current FOMO (fear of missing out) in the market.
There are some companies such as Fidelity Investments and the Intercontinental Exchange (ICE) that are also working in order to release their products to the market and help largest investors and institutions have access to digital assets.
Although the number of downloads remained stable during the last year, 2019 registered an increased trading volume for exchanges. Indeed, Binance, one of the largest and most popular exchanges in the market, registered a trading volume of over $5.5 billion a few days ago when Bitcoin surged above $13,700 for a brief period of time.
Bitcoin is now traded around $11965 and it has a market capitalization of $212 billion. In the last 24 hours, CoinMarketCap reports that the digital currency grew 0.73 percent.