Coinbase, the largest U.S. cryptocurrency platform for retail and organizations, witnessed an unexpected comeback in recent days. In less than a week, it jumped from the 500th to the 395th position in all apps ranking by popularity. However, other data says retail is not here yet.
Coinbase app back in App Store top 400, data says
The mobile application of Coinbase, a dominant crypto ecosystem in the United States, is surging in App Store popularity rankings, trackers say. In just five days between Sept. 23 and Sept. 28, it managed to grow from the 500th place to the 395th one amid all applications.
💵 $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
In terms of financial applications only, during a similar period, Coinbase surged from the 40th to the 38th position, outperforming all competitors in the crypto segment.
Typically, such spikes of interest in Coinbase are treated as signals of retail investors getting back to crypto on the eve of a bull run. Coinbase remains the easiest way to purchase crypto coins for the majority of Americans.
As covered by U.Today previously, Coinbase Premium, an indicator of divergence between the prices of BTC on Coinbase and Binance, demonstrated a bullish formation this month.
Amid a spike in user activity, the price of Coinbase’s stock COIN added 6.28% and almost touched monthly highs on the NASDAQ exchange.
Crypto Google search trends still at lowest since November 2023
Yesterday, Sept. 27, Coinbase Bitcoin Premium Index briefly jumped to 0.0589%, which is considered a high level. However, today it is targeting near-zero positions as the market takes a breath.
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.
For the U.S., the latest complete data suggest this indicator to stay at 13/100, similarly to January 2024 before the Bitcoin spot ETFs approval.
For the “Bitcoin” search, the situation looks even worse: In the U.S., it demonstrates the worst performance in almost a year, while globally it sits at 19/100 for three weeks in a row. As such, it is too early to say that retail investors are back to crypto.