SEOUL, Dec. 18 (Korea Bizwire) – Wallet apps used to store cryptocurrency are rising in popularity in the wake of Bitcoin’s meteoric rise in valuation that has stirred up feverish interest among experienced and amateur investors alike.
According to market research firm Sensor Tower, over 25 million smartphone users worldwide have downloaded a wallet app since 2014. A large proportion of all downloads (70 percent) have been made this year, when the price of Bitcoin began its heady ascent.
Last month in particular saw strong download numbers, surpassing the 4 million mark. An 800 percent increase over last year’s November, the surge in downloads coincided with Bitcoin’s march past $10,000 in valuation.
Cryptocurrencies like Bitcoin are held in electronic accounts called wallets.
Sensor Tower explained that the soaring price of Bitcoins spurred on smartphone users who wished to invest in the technology to download wallet apps; thus, download numbers and Bitcoin prices both are trending in the same direction.
Sensor Tower identified U.S. company Coinbase as the most popular wallet app on both Apple’s App Store and the Google Play Store.
The figures reveal Coinbase’s recent dominance. Within the one-week period from December 5 to 12, 700,000 downloads were made via the iPhone/iOS-installed systems, surpassing longstanding download leaders like YouTube, Netflix and Spotify.
The eye-popping figures mean that the number of Coinbase downloads was double that of Snapchat and Instagram, two of the most popular apps in the United States.
Furthermore, Coinbase took the top spot on the list of the most popular free apps on December 8, 12 and 13, an impressive feat considering it was ranked 300th as recently as November.
Sensor Tower pointed out that with Bitcoin approaching the $20,000 mark this month, wallet app downloads will likely continue to set records.