yolowire.com - An analysis has found that trading in Cryptocurrencies across Europe rose 94% year-over-year during the first quarter of 2024.
According to a study by SplitMetrics, Europe experienced 1.6 million crypto trading app downloads in the first quarter, up 94% from 814,000 downloads in the first quarter of 2023.
At the current rate of downloads, Europe is on track to break the 2022 record of 7.2 million new users on crypto apps, which was set during the last bull market.
Outside of Europe, crypto apps experienced a 41% increase in downloads during Q1 of this year, said SplitMetrics.
Cumulatively, cryptocurrency trading apps have reached nearly half a billion lifetime downloads. The rise comes as prices for the largest digital assets, such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), rise sharply.
The top five crypto trading apps with European headquarters during the year’s first quarter were Luno, Nexo, Blockchain.com, Bitpanda and Wirex.
The top five apps headquartered outside Europe were: Binance, Cash App, Trust, Bybit and OKX.
Bitcoin and Ethereum have each seen their price rise more than 50% year-to-date as spot exchange-traded funds have been approved in the U.S., as well as other jurisdictions such as Hong Kong and Australia.