Bitcoin's price has cumulatively risen more than twofold since the beginning of the year, yet cryptocurrency-related apps have seen little growth and a lack of consumer interest, according to Bloomberg.
App tracker App Annie surveyed apps in the Apple App Store as well as Google Play. As of June 26, there were more than 6,500 apps in the finance category that included the words cryptocurrency, blockchain or bitcoin in their descriptions.
The findings show that downloads of cryptocurrency-related apps are not significantly higher than they were in the first half of 2018 - when the cryptocurrency market began its downward spiral and the bear market opened.
In the first half of 2019, people downloaded 67 million crypto apps, compared to 65.8 million in the same period last year, an increase of just 21 TP3 T. However, the total number of crypto apps this year has grown by 351 TP3 T compared to January 2018, which means that new apps haven't led to a boom in the crypto app market.
While the current round of Bitcoin rallies has not led to the growth of crypto apps, there was a strong correlation between the two in the last bull market. According to App Annie's report last year, "Throughout 2017, cryptocurrencies dominated headlines and generated interest. As a result, cryptocurrency apps have risen significantly in the face of growing market interest."
In addition to crypto apps not picking up steam, Bloomberg notes that current searches for "bitcoin" in Google are five times lower than they were in December 2017. However, there are some indicators that the bitcoin price is moving towards bullish levels.
According to HOLD, although there is still some way to go compared to the 2017 bull market high of $19,875, BTC's one-day trading volume, as well as the entire cryptocurrency market's total one-day trading volume, has broken through the previous high and hit a new high again.
In addition, as the price of BTC rises, the arithmetic power and difficulty also rise. btc.com data shows that the current bitcoin network-wide arithmetic power is 61.13 EH/s. The current network-wide difficulty is 8.73 T, which is a record high.
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