The United Arab Emirates and Hong Kong have upgraded their rule book, helping the digital asset market gain momentum, and both regions are closely competing to become a crypto hub. With this ease markets of UAE and HK have observed a surge user base of crypto in the year 2024.
According to the most recent report from AppsFlyer, the total number of downloads of crypto applications grew at a greater pace in 2024, the growth in the download rate indicates a positive momentum in the overall adoption of the UAE.
The top 49 crypto application downloads reached 14M
AppsFlyer’s reports quote that the top 49 crypto applications in the United Arab Emirates have reached 14 million downloads in the previous year, which was 41% less in 2023, worth noting that the majority of downloads occurred in Q2, 2024.
As per experts, there are several factors held responsible for the surge in downloads indicating a surge in adoption, the ease of rules, and the changed stance of the regulatory commission over digital assets.
In the last quarter of 2024, it was reported that the total user count of the crypto market has crossed the milestone of 600 million users, becoming the only sector to reach such a huge milestone.
With the victory of Donald Trump, the 47th president of the United States, a major growth has been in the trading prices of cryptocurrencies, especially Bitcoin and XRP.
And it is important to note that with each day, the rules of regulations of digital assets in the United States have been changing and this continuous change would help the crypto market to reach new heights.
According to dozens of reports, the UAE is among the major hotspots of crypto-based companies, with UAE, Hong Kong, and Singapore standing closer in the trend. Almost every big centralized cryptocurrency exchange has set up its headquarters in the region.
Crypto market price updates
When writing the crypto market capitalization was $3.20 trillion with a surge of 1.30%, and the trading volume was $83.01 billion with a loss of 18.24%.
Bitcoin has been trading at $97,479 with a surge of 1.27%, and its market cap was $1.93 trillion with a growth of 1.27% and trading volume fell by 30% now at $27.94 billion.
According to CoinMarketCap, the intraday gainer’s list has been ruled by Story (IP) trading at $3.12 with a surge of 29% followed by Berachain, Celestia, Bittensor, and SEI.
In the same frame, the losers are Litecoin, Movement, Bitget, Floki, UniSwap, Monera, Ethena, Immutable, and Flare, among a few others.
