As a seasoned researcher with years of experience tracking market trends and digital assets, I find myself intrigued by the recent surge in popularity of Coinbase’s mobile application. Having closely monitored the crypto market since its inception, I can attest that such spikes often precede significant shifts in the industry.
As a researcher, I’ve noticed an intriguing resurgence in the fortunes of Coinbase, the leading U.S. cryptocurrency platform catering to both retail and organizations. In just a matter of days, it has climbed from the 500th to the 395th spot in the overall app rankings based on popularity. Yet, other data indicates that the retail sector’s participation in this digital currency arena may not have fully materialized yet.
Coinbase app back in App Store top 400, data says
The popular U.S.-based cryptocurrency platform Coinbase’s mobile app is experiencing a significant rise in popularity on the App Store. According to trackers, within five days, from September 23rd to September 28th, it climbed up from the 500th spot to the 395th position among all apps available.
💵 $COIN App Rank
📅 27 Sep 8PM🌐 All Apps
🔼 395
🔄 410 (27 Sep 8AM)🏦 Finance Apps
🔽 38
🔄 33 (27 Sep 8AM)— Coinbase App Rank Bot (unofficial) (@COINAppRankBot) September 28, 2024
During that comparable timeframe, Coinbase climbed up from being the 40th to the 38th most successful financial application, outshining every competitor within the cryptocurrency sector.
Generally speaking, surges in interest towards Coinbase often indicate that retail investors are re-entering the cryptocurrency market, possibly just before a new bull market begins. For most Americans, Coinbase serves as the most convenient platform for buying various cryptocurrencies.
Previously reported by U.Today, the Coinbase Premium – a sign of Bitcoin‘s price difference between Coinbase and Binance – has shown a bullish pattern this month.
Due to an increase in user engagement, the value of Coinbase’s stock, represented by the symbol COIN, surged by 6.28% and nearly reached its highest point for the month on the NASDAQ market.
Crypto Google search trends still at lowest since November 2023
On September 27th, the Coinbase Bitcoin Premium Index spiked to 0.0589%, marking a significant rise. Yet, currently, it’s aiming for almost negligible levels as the market appears to pause for a moment.
It should also be added that interest in crypto-related searches in Google Trends remains extremely low these days. For instance, the global metric for the “crypto” search is at 21/100, the lowest since late November 2023.
The most recent comprehensive figures indicate that this particular indicator will remain steady around 13 out of 100, similar to its level in January 2024, prior to the approval of Bitcoin spot ETFs in the U.S.
Regarding Bitcoin searches, the trend seems particularly unfavorable: Within the U.S., its performance has been the poorest in nearly a year, while on a global scale, it ranks 19th out of 100 for three consecutive weeks. Given these circumstances, it’s premature to assume that retail investors have returned en masse to the cryptocurrency market.
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2024-09-28 13:35