Coinbase, the largest U.S. cryptocurrency platform for retailers and institutions, has made an unexpected comeback in recent days. In less than a week, it jumped from #500 to #395 on the all-app popularity rankings. However, there is also data that shows that the retail industry is not there yet.
Coinbase app returns to App Store Top 400, according to data
The mobile application of Coinbase, the leading cryptocurrency ecosystem in the United States, is rapidly rising in the App Store’s popularity rankings, according to trackers. In just five days, from September 23rd to September 28th, it rose from 500th place to 395th place out of all submitted works.
💵 $coin app rank
📅 September 27th 8pm
🌐 All apps
🔼 395
🔄 410 (September 27th 8am)
🏦 Financial apps
🔽 38
🔄 33 (September 27th 8am)
— Coinbase App Rank Bot (unofficial) (@COINAppRankBot) September 28, 2024
When it comes to financial applications alone, Coinbase jumped from 40th to 38th place over a similar period, outperforming all competitors in the cryptocurrency segment.
Typically, such a spike in interest in Coinbase is treated as a sign of retail investors returning to cryptocurrencies on the eve of a bull market. Coinbase continues to be the easiest way for the majority of Americans to purchase cryptocurrencies.
As previously covered on U.Today, Coinbase Premium, an indicator of BTC price divergence between Coinbase and Binance, has shown a bullish formation this month.
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Amid a surge in user activity, the price of Coinbase stock COIN rose 6.28%, nearly reaching a monthly high on the Nasdaq exchange.
Google search trends for cryptocurrencies are at their lowest level since November 2023
Yesterday, September 27th, Coinbase’s Bitcoin Premium Index temporarily rose to a high level of 0.0589%. However, as the market is currently taking a breather, we are aiming for a position close to zero.
It should also be added that interest in crypto-related searches on Google Trends is still very low these days. For example, the global index for “encryption” searches is 21/100, the lowest since late November 2023.
For the US, the latest complete data suggests this indicator will remain at 13/100, similar to January 2024 prior to Bitcoin Spot ETF approval.
In the case of “Bitcoin” searches, the situation appears to be even worse. The U.S. has had its worst performance in almost a year, while the rest of the world has been stuck at 19/100 for the third week in a row. Therefore, it is premature to say that retail investors have returned to cryptocurrencies.
