United States-based publicly-traded crypto exchange Coinbase is seeing its mobile application’s downloads grow as retail traders dive back into the market.
According to Similarweb data, Coinbase’s main application is the 260th most used application in the United States and the 22nd most used in the Finance category. This means that the application saw significant growth compared to its 306th spot overall and 25th in finance reported 28 days ago.
Nearly five million downloads in a year
SensorTower app analytics data also show that Coinbase’s main application has seen 400,000 downloads last month alone. AppBrain shows that the application went from 40.4 million downloads on Oct. 1, 2023, to 45 million at the time of writing. This translates to nearly five million downloads in a year.
The recent renewed interest comes as retail interest in the market is seeing a resurgence. The Crypto Fear & Greed Index, a multifactorial measure of crypto market sentiment, currently stands at 61, indicating that greed has gripped the crypto market. In most cases, such a score would suggest that the market may be slightly overvalued — but it is far from a guarantee that the market will soon start to fall.
Still, some suggest that we may have to wait longer before the next bull run. In a 📊 If you're awaiting Bitcoin's new all-time high, it may need to wait until the crowd slows down their own expectations. 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. pic.twitter.com/ZxDxalgmzb
“There are currently 1.8 bullish posts toward BTC for every 1 bearish post. Markets historically always move in the opposite direction of the crowd’s expectations.”
The news follows recent reports that the US Securities and Exchange Commission (SEC) has given the green light to Nasdaq’s International Securities Exchange (ISE) to list and trade options on BlackRock’s iShares Bitcoin Trust (IBIT), following a rule change. Also, this month former United States president Trump recently passed by a crypto-themed bar where he bought a burger with Bitcoin. This made him the first United States president to publicly use Bitcoin.
