According to the research analyzing App Radar data by the SplitMetrics platform, the European cryptocurrency industry grew by 94% in the 1st quarter of 2024, with 1.6 million crypto trading applications downloaded. In comparison, there were only 814 thousand downloads in Q1 2023. Compared to Q4 2023, Android downloads also increased by 35%.

If download rates continue at current rates, European crypto apps look set to approach their peak in 2022, when 7.2 million new users begin using crypto apps.

Outside of Europe, top crypto apps experienced a 41% increase in Android downloads in Q1 2024 compared to the same period in 2023 and a 28% increase in Q4 2023.

These are signs of growth for 2024 as the crypto sector rebounds from the 2023 trough. Although the European crypto sector gained 3.8 million Android users in 2023, this represents a 48% decline compared to 2022’s figure of 7.2 million. The situation for applications based outside Europe is slightly better; The decline from 96 million in 2022 to 83 million in 2023 was 14%.

In total, crypto apps have reached almost half a billion (449 million) lifetime downloads. Although the industry experienced a 16% decline in Android app downloads in 2023, from 2022’s 104 million to 2023’s 87 million, the global crypto industry is on track to see a 43% (30 million) increase in Q1 2024 (up from Q1 2023). 21 million compared to the quarter) and a 28% increase compared to the 4th quarter of 2023 (24 million).

The top five apps based in Europe in Q1 2024: Luno (568k), Nexo (525k), Blockchain.com (218k), Bitpanda (104k) and Wirex (96k).

The top five apps with non-European hubs were: Binance (9.3 million), Cash App (4.2 million), Trust (3.3 million), Bybit (2.6 million) and OKX (2 million).

By lifetime downloads, the top apps with crypto trading functionality are: Binance (111 million), Cash App (102 million), Trust (47 million), Coinbase (NASDAQ: COIN) (43 million) and Crypto.com ( 38 million).

Thomas Kriebernegg, Managing Director of SplitMetrics Agency, said: “Cryptocurrencies are making a big comeback this year. The European crypto apps market has gone through a rough patch in 2023 after the pandemic-era highs and significant declines in the Bitcoin price. “With the Bitcoin halving coming in April 2024, the crypto space will likely gain significant traction throughout the year, and looking at download numbers we already get an idea of ​​what could happen this year.”

“It should be noted that there is a clear correlation between increases in the price of major cryptocurrencies and the number of downloads. People clearly don’t want to miss out on a crypto gold influx. The question for the industry is whether it can mature to a point where user growth figures are not as affected by price fluctuations – put simply, can the growth be sustained on a more consistent basis?

“Globally, crypto investors on Android will surpass the half-billion mark this year – a significant milestone. Looking ahead, user acquisition will inevitably become more competitive and costly. “Platforms will need to diversify their user base, which means improving and investing in their marketing to reach new audiences.”