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SENSOR TOWER · SEEMA SHAH · FEBRUARY 2024
The State of Crypto & Investing Apps 2024
Global stock markets and cryptocurrencies are hitting new highs, escalating activity on both crypto and investing apps. While Binance remains the top crypto app by MAUs globally, traders are increasingly turning to exchanges with higher risk profiles. Amidst these market highs, ~8% of crypto and 5% of investing apps now tout AI features in app descriptions, with spend on creatives that highlight AI themes surging in recent months.
Key Takeaways:
Crypto apps’ DAUs show a strong correlation with Bitcoin's price, the top cryptocurrency by market cap, with 73% of the variation in DAUs linked with shifts in the price of Bitcoin
Bitcoin's ascent past $50K boosted engagement in crypto apps within major EU countries and Japan, where DAUs collectively grew by 4% in the first 45 days of 2024, compared to the preceding period
However, DAUs in the US declined by 2%, with many of the largest apps — excluding Coinbase and Trust —seeing little to no increase in engagement
The launch of Bitcoin ETFs poses a risk of cannibalizing direct cryptocurrency trading volumes, incl. on Coinbase, which serves as the custodian for eight of the 11 spot Bitcoin ETFs
Crypto exchanges rated as having higher levels of risk for customers, incl. Bitget, BingX, and KuCoin have seen their MAUs soar by over 160% in Jan’24 YoY in Europe, while engagement with top tier crypto exchanges – incl. Coinbase and Binance declined by 14% as users seek higher-risk trades
In Jan’24, ST's cohort of Japanese investing apps saw MAUs surge over 100% YoY, leading Western markets, driven by moomoo. An upbeat year-end stock forecast, and a new government-subsidized savings scheme may offer advertising opportunities to tap into these apps’ rising popularity
Top investing apps that monetize through IAPs have seen record-high stickiness in the UK, with over 30% of TradingView's MAUs engaging with the app daily in 2023
8% of leading crypto apps and 5% of top investing apps now tout AI capabilities in their app descriptions. Despite many of these being among the fastest-growing in Western markets by MAUs this year – incl. Bitget, OKX, KuCoin and moomoo – a sample analysis reveals no correlation between highlighting AI and increasing app stickiness. Yet, spend on AI-themed ads is surging within certain investing categories, led by asset management's 600% increase in 4Q23 QoQ, spearheaded by Linqto
For more information, request the full report from reports@sensortower.com.
