After a two-year decline following the peak of the crypto market in 2021, crypto wallet downloads are on the brink of setting a new record.
According to data presented by AltIndex.com, crypto wallets saw 91.4 million downloads in the five months of the year, which is only 8% less than in 2023.
The 2024 crypto hype, driven by technological advancements, increased regulatory clarity, and broader market adoption, has been quite strong, helping the world’s largest digital coins reach their multi-year highs and pushing the total number of crypto wallet downloads way above the levels seen in the past two years.
After reaching a peak of nearly 186 million downloads in 2021, the number of newly installed crypto wallets, including Coinbase, Blockchain.com, Metamask, Trust, and Binance, has been falling throughout 2022 and 2023. The Statista and App Magic data show people worldwide downloaded 137.5 million apps that allow for cryptocurrency storage in 2022, 26% less than the year before. The monthly downloads more than halved between January and December, falling from 16.8 million to 7.8 million.
The downward spiral continued last year. Statistics show that crypto wallet downloads plunged by another 26% to 100.9 million, with an average of 8 million monthly downloads, or 40% less than the average reported in 2022.
However, the negative trend not only changed in 2024 but the entire year is set to reach a new record. Statistics show that crypto users made 91.4 million crypto wallet downloads in the first five months of the year, a figure that is only 8% less than in the entire 2023. Moreover, if this pace of downloads continues in the second half of the year, 2024 might see over 190 million downloads in total.
Statistics also show the monthly downloads jumped by 26% in five months, rising from roughly 15 million in January to over 19 million in May. Still, March saw by far the highest number of downloads, 23.7 million, the fourth-largest monthly figure in the crypto market’s history.
Several key trends and advancements in the industry have also driven the surging popularity of crypto wallets in 2024. Enhanced security features like multi-signature wallets, biometric and two-factor authentication, and hardware security modules have made transactions more secure and private. Furthermore, crypto wallets have become integrated with DeFi platforms, enabling users to access lending, borrowing, staking, and trading services directly from their wallets.
Thanks to these advancements and a whopping 91 million downloads in the five months of the year, the total number of downloads jumped to impressive highs. Statistics show the total number of crypto wallet downloads in the past decade hit nearly 610 million.
