Originally published on: September 29, 2024
Recent data suggests that Bitcoin is experiencing a revival in popularity among retail traders, marking a potential resurgence for the cryptocurrency.
According to insights shared by analytics account Bitcoindata21 on Sept. 18, one crypto app is showing signs of a comeback this month after months of waning interest in Bitcoin and crypto among mainstream consumers.
BTC/USD hit an all-time high earlier this year, but interest in the digital currency has since decreased. However, a positive shift seems to be on the horizon, driven by the resurgence of downloads for the official app of the largest US exchange, Coinbase.
Bitcoindata21’s chart illustrates that Coinbase consistently ranks among the top 500 most downloaded apps on the Apple AppStore. After falling out of this bracket earlier in the month, the app’s popularity is now on the rise again.
The correlation between Coinbase app downloads and Bitcoin’s price performance is evident in the chart – during bull markets, with BTC hitting all-time highs, Coinbase climbs to the top 175 apps, while in bear markets, its ranking drops below 500.
The recent BTC price rebound has heightened the app’s popularity, with Coinbase reaching the 385th spot on Sept. 28. The X post notes that the app had reached the number one position in December 2017, April 2021, and November 2021.
Recently, the “Coinbase premium” – the price difference between Coinbase’s BTC/USD and Binance’s BTC/USDT pairs – turned positive, signaling positive market sentiment. Despite BTC/USD trading around 10% below its March peak, social media activity suggests that a new all-time high for Bitcoin may still be distant.
Data from research firm Santiment indicates that social media sentiment related to Bitcoin is currently at its highest levels year-to-date, but suggests that high expectations from investors may delay Bitcoin’s rise to a new all-time high.
As of Sept. 29, BTC/USD was trading at around $65,700. It’s essential to conduct thorough research and consider the risks involved in every investment decision, as this article does not provide investment advice.
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