The money spent on Super Bowl advertising by crypto companies has paid off. According to new data, crypto app installs in the United States increased 279 percent week over week. Following the Super Bowl, Coinbase, eToro, and FTX were among the top five most downloaded apps.
The data was provided by Sensor Tower, a market intelligence platform. Coinbase, which featured only a QR code bouncing around the screen in its advertisement, saw the greatest increase in new downloads. Downloads of Coinbase’s mobile apps increased 309 percent across the App Store and Google Play. The app’s ranking on the US App Store has also risen to No. 2 from No. 124.
Similarly, eToro’s app installs increased by 132% week over week. On February 13, crypto exchange platform FTX saw a 130 percent increase in week over week downloads.
According to the data, the other apps in the top five were the DraftKings Sportbook app and the Caesars Sportbook app, which saw 197 percent and 147 percent growth, respectively. Despite the increased app installations, the cryptocurrency market has been in a downward trend in recent days. The benchmark cryptocurrency, Bitcoin (BTC), is down 5.93 percent in the last week. It is now trading at around $39,973, down 2.25 percent on the day. Ether (ETH), the second-largest crypto by market capitalization, has once again fallen below $3,000. It is currently trading at $ 2,787, down -3.25 percent on the day.
To gain more exposure, crypto companies are increasingly leveraging the sports industry. Aside from the Super Bowl, other sporting events that have recently seen an increase in the presence of crypto advertising include Formula One racing. Bybit announced a $150 million multi-year partnership with Oracle Red Bull Racing this week.
As a result of the increased visibility, there has been an influx of new users into the cryptocurrency market. According to Glassnode’s Bitcoin on-chain data, the number of daily active entities on the Bitcoin network has increased. While the level of activity is not indicative of a bull market, Glassnode claims that it reflects long-term network effects.