Crypto exchange Coinbase’s app rapidly spiked to an 8th spot in the US App Store rankings on Wednesday, but has since dropped to 70th place.
The Coinbase app has mostly hovered between the 200th and 400th spot this year — except when bitcoin price has pumped.
Popularity is a fleeting thing, however. The app tends to quickly shoot back down while bitcoin continues to rally.
This most recent surge has followed the same pattern. Bitcoin’s bull run brought its price up from $68,000 to $88,000 from November 4 to November 13. The Coinbase app rose from 428th to 8th place over the same time period.
The app’s ranking has since declined to the 70th spot, while bitcoin has continued to surge to $92,500. It hovers near this peak at press time.
Coinbase app broke top 100 in March, too
Protos has pulled app ranking data from the Coinbase App Rank Bot on X. Bitcoin traders track these rankings as an indication of heat.
The bot pulls data twice a day at 8am and 8pm PST from the US App Store. Protos has collected the highest ranking from each day.
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According to the Coinbase App Rank Bot, this marks the second time the app has broken the top 100 this year. Between February 26 and March 5, the price of bitcoin jumped from $52,000 to $68,000. The app similarly surged from 388th to 44th place over the same time period.
From March 5 to 14, bitcoin continued to pump past $73,000. Coinbase’s app, however, shot back down to 127th.
Interestingly, when bitcoin’s price remained stagnant between August and early November, the app’s popularity absolutely plummeted, consistently hovering around the 350th to 500th spot.
Caveats
App popularity is a vague term. It remains unclear how Apple ranks its apps. Most speculate that it’s a mixture of factors, such as downloads, engagement, and revenue.
So, while Coinbase is moving up in the ranks, it’s unknown how much is based on revenue (trades), downloads, or simply engagement (which includes existing users checking their wallets).
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It should also be noted that the bot appeared to malfunction between January 30 and February 3. As such, no app ranking data is available over this timeframe.
The bot also experienced a temporary issue on March 18 and 19, and therefore was only able to record one figure on these days.
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Source: https://protos.com/chart-coinbase-app-spikes-in-popularity-during-bitcoins-bull-run/