In the first half of 2021, the majority of asset management app downloads were crypto apps, at 51% of the top 50 most downloaded asset management apps. Meanwhile, the top stock trading apps fell to 43% in the first half of 2021.
Stock trading apps have historically carried the lion’s share of the U.S. market installs within the top 50 asset management apps, consistently between 68-71% of all installs, reports SensorTower, a market intelligence company for global apps.
But surging interest in cryptocurrencies like Bitcoin have pushed crypto apps to the top of the list. The high volatility of the crypto space and the introduction of major institutions into the crypto arena have drawn speculative investors in increasing numbers.
The Covid-19 pandemic saw both a major crash in the stock market, driving many stocks to historical lows, as well as an increase of people being homebound with more time to explore crypto investments. Both combined to drive crypto app downloads upward.
Crypto apps are an excellent tool for many retail investors, as they often come with portfolio management tools of their own. They can also take the legwork out of purchasing digital assets and portfolio consolidation. The stock apps are also popular because some offer commission-free services.
While there are no regulations on the horizon for the crypto asset space within the U.S., demand is anticipated to continue growing.
See also: SEC Does Not Plan to Weigh in on Crypto Regulation in 2021
Generally speaking, on Android and iOS operating systems between Q2 2020 and Q2 2021, the quarterly download of top 50 asset management apps in the U.S. rose by 152%, reports Finbold.
The second quarter of 2021 saw 18 million downloads of asset management apps on the Apple App store and 15 million downloads on the Android Google Play store.
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