2022-2-20 12:53 |
Key Takeaways
Crypto app installations increase 279% following Super Bowl ads.The crypto market has been sliding downwards, however. On-chain data still remains bullish as active new entities have been increasing.The cash crypto companies splashed out on advertising in the Super Bowl has been paying off. New data shows that week-over-week installs of crypto apps increased 279% in the US. Coinbase, eToro, and FTX made it to the top five installed apps after the Super Bowl.
Crypto exchanges dominate app downloadsThe data was provided by Sensor Tower, a market intelligence platform. Coinbase, whose ad featured just a QR code bouncing around the screen, saw the biggest spike in new downloads. Across App Store and Google Play, downloads of Coinbase’s mobile app increased 309%. The app’s ranking also climbed to No. 2 from number 124 on the App Store in the US.
Similarly, eToro grew app installs by 132% week-over-week. And cryptocurrency exchange FTX saw a 130% boost in downloads week-over-week on February 13.
The other apps in the top five were those of the DraftKings Sportbook app and the Caesars Sportbook app which saw 197% and 147% respectively according to the data.
Despite the increased app installations, the crypto market has been in a downwards correction in the last few days. Bitcoin (BTC), the benchmark cryptocurrency, is down 5.93% in the last week. It is currently trading at around $39,973, having fallen 2.25% on the day. Ether (ETH), the second-largest crypto by market cap, has again fallen below $3,000. On the day, it is trading at $ 2,787, down -3.25%.
Crypto-sports link-ups are long-term bullishCrypto companies have been increasingly leveraging the sports industry to get more exposure. Asides from the super bowl, sporting events that have seen the increased presence of crypto advertising recently include Formula One racing. This week, Bybit announced a multi-year partnership with Oracle Red Bull Racing worth $150 million.
A result of the new visibility has been the influx of new users into the crypto market. Bitcoin on-chain data provided by Glassnode has indicated an increase in daily active entities on the Bitcoin network. While the activity level is not a bull market level, Glassnode says that it is reflecting long-term network effects.
There are currently ~275k daily active entities on the #Bitcoin network.
This level of activity is far below bull market highs, indicative of tepid demand from new users.
However, the activity floor continues to climb in bearish markets, reflecting longer-term network effects. pic.twitter.com/qm9wx7Jesk
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