Coinbase and 10 separate top cryptocurrency wallet apps grew average daily downloads as the price of Bitcoin rose. Since the peak of Bitcoin’s price (12/16/17), the average daily downloads from the grouping of top wallet apps has dropped below what it was producing before Bitcoin’s rise in price. Coinbase is the only app to actually grow its downloads per day since the height of Bitcoin.
To map the growth, we looked at three separate week long timeframes. Our starting time frame is based around December 16th, the height of Bitcoin’s price and media coverage. Therefore, this “week” runs 12/13/17 through 12/19/17. We also looked at a week sampling 28 days prior [11/8/17 through 11/14/17] and 28 days later [1/17/18 through 1/23/18].
As a grouping, the wallet apps saw an average rise in downloads per day of 103%. Coinbase alone saw an increase of 171% downloads per day.
Again with Coinbase out of the equation, from January 17th through January 23rd, downloads per day across these nine apps dropped significantly [51%] along with the price of Bitcoin when compared to the week of the 16th. A majority of the 10 apps are now seeing a lower downloads per day than they were in our first week, before the price boom. After Coinbase jumped 171% from our first sampling to the week of the 16th. Its downloads per day then jumped 151% from that week to our final samping, growing its downloads per day 581% total from our first week to our third week. I know this paragraph is a mouthful, but it is mimicked exactly in the chart above.
Robinhood, a stock brockerage app, just yesterday introduced the ability to buy and sell Bitcoin and Etherum for free. Robinhood has a built in user base and intuitive UX. Robinhood has shot up in rank in both app stores but this is nothing new or special. This happens when an app has a big round of news coverage. Since its clear Coinbase is far and above the leader in cryptocurrency wallets, we'll be tracking its competition with Robinhood going forward. The real measure of success will come a few months down the road when looking at MAU, engagement and retention.
Speaking of retention, Coinbase has been able to grow its retention rate in recent months. This retention now tracks closely to how the top 10% of finance apps perform. Robinhood has similar numbers. Here, we show what retention for the app in the US looks like:
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