Originally published on: September 29, 2024
Bitcoin, the leading cryptocurrency, is making a strong resurgence in the retail trading scene, hinting at a potential revival for the digital asset in the broader retail market. The latest insights point towards a significant uptick in interest among retail traders, driven by a noteworthy development involving the Coinbase app breaking into the top 400 apps category.
### Coinbase App Resurges in Popularity
Data released by Bitcoindata21 on Sept. 18 showcases a noteworthy shift in the retail landscape as Bitcoin and cryptocurrencies start to capture the attention of mainstream consumers once again. The recent resurgence in the popularity of Bitcoin comes after a period where it faded from the limelight following its last all-time high.
### Charting the Rise of Coinbase App Downloads
A detailed chart by Bitcoindata21 indicates that the Coinbase app, which is the official app of the prominent U.S. exchange, has been steadily climbing the ranks on the Apple AppStore. When Bitcoin was at its price peaks, the Coinbase app soared to the top 175 apps. Conversely, during bear markets, it fell outside the top 500 apps. Notably, the app’s popularity has been closely linked to Bitcoin’s price performance.
Bitcoindata21 highlighted, “more people started downloading the app when bitcoin was testing all-time highs,” referring to the significant spikes in Bitcoin’s value in November 2020 and March 2024.
### The Coinbase Premium and Bitcoin’s Future Trajectory
Recent reports indicate that the “Coinbase premium,” the variance in Bitcoin prices between Coinbase and other exchanges, has once again turned positive. Despite Bitcoin trading around 10% below its peak in March, there are signals suggesting that a new all-time high may not be immediate.
Santiment, a research firm, indicated that while Bitcoin’s social media sentiment is at its peak for the year, expectations within the community could influence the timing of Bitcoin’s next peak.
### Current Bitcoin Status and Conclusion
As of the latest data, BTC/USD was hovering at around $65,700, reflecting a positive momentum in the Bitcoin market. It is essential to note that this article does not provide investment advice, and individuals should conduct thorough research before engaging in financial transactions.
The recent upsurge in the Coinbase app’s popularity signals a potential retail resurgence for Bitcoin, paving the way for enhanced adoption and interest in the digital asset among mainstream consumers. Stay tuned for more updates on the evolving landscape of Bitcoin and cryptocurrencies.
