New stats reveal that fewer people are downloading crypto apps - and not even the top apps are coming out unscathed.
👉 Background: Cryptocurrency markets have been pretty volatile, and sentiment amongst the crypto crew is a 'lil sullen. The price of Bitcoin is hanging around $30k, and the crash of stablecoin TerraUSD hasn't helped matters either.
👉 What happened: It's starting to impact crypto app downloads. New stats from SensorTower show that way fewer people are downloading crypto apps compared to this time last year. We're talkin' way, way down — like 72% down!
👉 What else: Even the top apps are taking a hit. Binance scored just 41k downloads this May compared to around 163k last May. It seems like people are being turned off crypto after letting FOMO influence their investing strategy.
💡FOMO stands for fear of missing out. In the investing world, it's when you see an investment (like bitcoin) making a steep climb in value, so you decide to jump on the bandwagon.
💡The problem is FOMO investing means you're not investing based on business or currency fundamentals, and ya don't really have a strategy in place.
💡Ultimately, ya end up buying close to the peak, and selling close to the bottom out of panic. So, with many crypto investors starting off as FOMO investors, it's no surprise app downloads are dropping off.
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