Coinbase app downloads are on the rise as Bitcoin gains popularity again among retail traders.
This increase shows a renewed interest in the crypto market after a looong period of decline.
Welcome back!
Events in the Bitcoin market are catching attention, with both dormant wallets and retail traders showing promising signs of coming back.
Data already revealed that a Bitcoin wallet, inactive for over ten years, suddenly became active again, sparking serious buzz in the crypto community.
At the same time, new data showss that more and more retail traders are getting back into Bitcoin, as seen by the rising downloads of the Coinbase app alongside Bitcoin’s price recovery.
After months of decreased interest, Bitcoin is clearly regaining traction among retail traders.
Bitcoindata21 suggest that Bitcoin is experiencing a resurgence in retail investor activity, which is reflected in the increased downloads of this popular exchange app.
This interest comes after a longer, pretty quiet period for crypto, where Bitcoin and other digital assets slipped from mainstream focus following the last major rally.
More app download, more users, more investment
Data shows an interesting trend, because retail traders are once again downloading Coinbase’s official app, the largest cryptocurrency exchange in the United States.
After a long stretch of reduced activity, the app’s popularity is climbing back up, hinting at possible bullish sentiment in the market.
Coinbase had fallen in rankings within the Apple App Store during the crypto downturn.
Historically, downloads of the Coinbase app have closely followed Bitcoin’s price movements.
During peak bull markets, like November 2020 and March 2024, when BTC prices hit record highs of $20,000 and between $69,000 and $74,000, the app jumped into the top 175 most downloaded apps.
But during bear markets, it often dropped out of the top 500, showing that retail interest was fading.
Many industry participants think the number of downloads is actually a quite reliable indicator of the retail interest.
Retail money coming back, crypto prices will going up?
As Bitcoin prices hovered around $60,000 in the past months, downloads of the Coinbase app fell sharply again.
Now, as of late September, the app already climbed back to the 385th position among Apple’s most downloaded apps.
Now many say this is a clear indication that retail traders are starting to come back into the market.
If this trend continues and more retail traders engage with Bitcoin and other cryptos as prices rise, we could see even bigger growth in both Bitcoin and related platforms like Coinbase.
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