According to recent data, there were more crypto app downloads among the top 50 asset management apps in the US, than any other app category. The data shows that in the first half of 2021, crypto app downloads represented 51% of the asset management apps, which is 2.6 times more than the 19% recorded last year. This is also the first time crypto applications recorded more downloads than stock trading apps.
Last year, stock trading apps accounted for 68% of the top 50 asset management apps, and fell to 43% this year. Other apps in the category include 5% for advisory apps and 1% for forex apps.
The increase in cryptocurrency trading app downloads shows considerable growth in the digital currency market as there is more acceptance in the industry. The crypto sector has experienced exceptional growth in the last year alongside the introduction of institutional and retail investors. The influx of investors caused the market’s sustained bull run for a long time in 2020.
In recent years, there has been a noticeable increase among investment apps, evidenced by considerable competition between providers in the sector. Also apparent is the emergence of cryptocurrency applications quickly becoming the preferred option to traditional investment apps.
Although the data hints that stock trading apps have been controlling the asset management space for a while, the COVID-19 pandemic has caused a switch to crypto apps. In the first half of 2020, the pandemic caused the stock market to crash, with shares trading at their lowest points. However, cryptocurrencies continued to be strong and even served as a hedge against the crash in the stock market and fiat currencies.
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