Fun

Bitcoin retail comeback on the cards as Coinbase pierces top-400 apps

News Feed - 2024-09-29 10:09:00

William Suberg11 hours agoBitcoin retail comeback on the cards as Coinbase pierces top-400 appsBitcoin exchange app popularity is the latest sign that crypto is seeing a retail renaissance in the US.1980 Total views4 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin (BTC) is regaining popularity among retail traders after months of absence, new data suggests.


Findings originally uploaded to X on Sept. 18 by analytics account Bitcoindata21 show one crypto app, in particular, making a comeback this month.Bitcoin exchange app inches out of “bear market”


Bitcoin and crypto have faded from mainstream consumers’ radar in the six months since BTC/USD hit its latest all-time high.


Now, however, things may be finally changing, according to downloads of the official app from the largest United States exchange, Coinbase.


A chart created by Bitcoindata21 reveals that Coinbase is regularly among the 500 most downloaded apps on the Apple AppStore. After dropping out this month, its popularity is once more picking up.


The chart shows that downloads, arguably predictably, correlate to price performance—the peak of bull markets saw Coinbase enter the top 175 apps, while below 500th place corresponds to bear markets.


“In other words, more people started downloading the app when bitcoin was testing all time highs (November 2020 at $20k, and March 2024 at $69-74K),” Bitcoindata21 explained at the time. “We are also now back down to bear market levels, where retail is no longer interested, but with price around $60k.”Coinbase app downloads. Source: Bitcoindata21/X


Since then, a BTC price rebound has improved the app’s popularity, with Coinbase reaching 385th place on Sept. 28.


“Most importantly, the app reached no.1 in December 2017, April 2021, and November 2021…,” the X post concludes.


As Cointelegraph reported, the so-called “Coinbase premium” — the difference in BTC prices between the Coinbase BTC/USD and Binance BTC/USDT pairs — returned to positive territory last week.Analysis: Too early for new BTC price all-time high


Analyzing social media activity, meanwhile, research firm Santiment argued that a new all-time high may still be far off despite BTC/USD trading around 10% from its March peak.


Related:Bitcoin sell-side risk hits 2024 low just $10K from BTC price record


“Positive commentary” tied to Bitcoin, it showed this weekend, is at its highest levels year-to-date. 


“If you’re awaiting Bitcoin’s new all-time high, it may need to wait until the crowd slows down their own expectations,” it said. “There are currently 1.8 bullish posts toward BTC for every 1 bearish post. Markets historically always move the opposite direction of crowd"s expectations.”Bitcoin social media sentiment data. Source: Santiment/X


BTC/USD traded at around $65,700 at the time of writing on Sept. 29, per data from Cointelegraph Markets Pro and TradingView.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Coinbase# Bitcoin Price# MarketsAdd reaction

News Feed

Price analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Rakesh Upadhyay6 hours agoPrice analysis 8/2: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBThe sell-off in the global stock markets is casting a bearish shadow on the cryptocurrency markets, signaling near-term wea
The Largest NFT Mint in History — Bored Ape’s Otherside Virtual Land Sale Raises $320 Million
The Largest NFT Mint in History — Bored Ape"s Otherside Virtual Land Sale Raises $320 Million On Saturday, the creators of Bored Ape Yacht Club (BAYC), Yuga Labs, revealed the Ot
Biggest Movers: ATOM Moves Closer to 4-Month High, LINK Also Higher
Biggest Movers: ATOM Moves Closer to 4-Month High, LINK Also Higher Cosmos was once again in the green, as the token moved closer to a four-month high during Friday’s sessio
Tether Stablecoin Sees 22% Growth in 2023 Despite Dollar-Pegged Token Economy’s Contraction
Tether Stablecoin Sees 22% Growth in 2023 Despite Dollar-Pegged Token Economy"s Contraction Since January 2023, the number of tether stablecoins in circulation has grown from 66 bi
Trump hints at 4th NFT collection, fears Chinese crypto take-over
Ciaran Lyons2 hours agoTrump hints at 4th NFT collection, fears Chinese crypto take-overIn a wide-ranging interview, former United States president Donald Trump hinted at launching another NFT collection, saying “the p
Crypto Taxes 2022: Here’s What You Need to Know According to CoinTracking
Crypto Taxes 2022: Here’s What You Need to Know According to CoinTracking press release PRESS RELEASE. Crypto changes quickly, with new tax laws and regulations coming to several
The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century Italy
The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century Italy Amid the banking chaos of the 21st century, some are looking back more than 600 years ago, to
Solana activity flips Ethereum amid memecoin craze, even as txs fail
Tom Mitchelhill7 hours agoSolana activity flips Ethereum amid memecoin craze, even as txs failDegens were piling into Solana-based memecoins such as Book of Meme and SNAP as the network struggled to keep up with the surg
Billionaire ‘Bond King’ Jeffrey Gundlach Predicts the Fed Will Cut Rates Substantially Soon
Billionaire "Bond King" Jeffrey Gundlach Predicts the Fed Will Cut Rates Substantially Soon Billionaire Jeffrey Gundlach, aka the “Bond King,” has predicted that the Fe
BONK Meme Coin Sees Wild Price Fluctuations and Massive Holder Concentration
BONK Meme Coin Sees Wild Price Fluctuations and Massive Holder Concentration After the all-time cryptocurrency price highs in 2021, suffering through the Luna implosion of 2022 and
Savannah Fortis14 hours agoSBF’s lawyers ask court to allow introduction of Anthropic evidenceSam Bankman-Fried’s lawyers asked Judge Kaplan in a letter to allow the defense to use evidence of its venture investment
Ethereum Recovery Gains Strength: Massive Comeback Above Key Support
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu