Cryptocurrency trading via mobile apps grew 81% compared to August last year. The most popular mobile apps are Coinbase, Blockchain Wallet and Binance.
According to the latest report from Apptopia, cryptocurrency trading via mobile apps is becoming more popular, with each new month surpassing the previous one in terms of active users and new signups.
Among the most popular mobile cryptocurrency trading apps are Coinbase, Blockchain Wallet, and Binance. According to Apptopia, on August 20, the mobile apps of Coinbase and Crypto.com had a record number of daily active users – 969,000 and 576,000, respectively.
“July is the highest performing month for mobile cryptocurrency applications in the history of the market, and August has the potential to surpass it,” reads an article on the Apptopia blog.
Analysts associate the surge in cryptocurrency trading through mobile applications with the coronavirus pandemic, as well as the rise in the value of crypto assets. Bitcoin is considered by some to be a “safe haven” asset, and although its price dropped by half in mid-March, BTC rebounded in the following months.
Unsurprisingly, the number of new installations of the ten most popular mobile cryptocurrency trading apps peaked in May and July when the bull market began. The situation could also be related to the boom in the DeFi industry that began this summer. Some analysts suggest that 75% of the industry’s growth is driven by an increase in the price of cryptoassets.
Apptopia also notes that cryptocurrencies have grown in popularity in Africa. According to Yellow Card CEO Chris Maurice, cryptocurrencies are on the rise in South Africa, Ghana, Kenya and Nigeria. Installations of the Crypto.com app by users in Nigeria have grown 339% over the past three months.
The popularity of cryptocurrency trading has also grown in Hong Kong – mobile cryptocurrency trading apps are among the top 10 most popular apps on Google Play in the region.
Recall that recently the analytical company CryptoCompare presented a report, according to which the trading volumes on the main cryptocurrency exchanges in July increased significantly.
