#Crypto apps hit all-time-high last month as bull market roars

 

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The top ten crypto wallet applications hit all-time-highs last month, according to a report by Apptopia published on Thursday.


In brief:


Mobile-based crypto trading is now more popular than ever.

Coinbase, Blockchain Wallet, Binance, and overall growth is up 81% compared to August last year.

Increases in popularity across Africa and Hong Kong are also key to increased popularity.

Mobile-based crypto trading is becoming ever more popular, with every new month topping the last in terms of daily active users and new signups, according to a recent report by Apptopia. 


Mobile crypto apps leading the charts include Coinbase, Blockchain Wallet, Binance, and overall growth is up 81% compared to August last year. The year-on-year growth is increasing, too: between July 2018 and July 2019, year-on-year growth was just 12%. 


The site said on Friday that on August 20, Coinbase and Crypto.com hit all time daily highs, at about 969,000 and 576,000 daily active users respectively. Small apps are also booming.


“July is the best performing month on record for this market, and August has the potential to beat it,” said Apptopia in its blog post. 


So...why the rise? Apptopia pins the spike in volume down to the coronavirus pandemic. Bored indoors, people turned to crypto. 

 

The obvious reason for this isn’t just the wonders of decentralized ledger technology, but the rise in the price of crypto. Many consider Bitcoin a safe haven asset, and though the price halved around mid-March to about $4,000, it bounced back stronger than it has done in years. 


Little surprise, then, that new installs of the top ten crypto apps hit its highest in May and July, when this year’s bull market really kicked off. It might also have something to do with the boom of decentralized finance (DeFi), which took off this summer, with investors pouring about billion dollars into its smart contracts almost every week. 





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