It’s been quite the rollercoaster for Coinbase’s app in the Apple App Store rankings. Back in early December, the app was sitting comfortably at the 49th spot among finance iPhone apps. Then, as excitement for spot bitcoin ETFs hit its peak, the app soared to the 16th position by Christmas. Fast forward to today, and it’s settled back down to the 43rd spot, based on the latest data from The Block.
This fluctuation in ranking is intriguing, given the recent surge and subsequent cooling in the cryptocurrency market. The approval of 11 spot bitcoin ETFs by the Securities and Exchange Commission on January 10 certainly played a part in these shifts.
According to Rebecca Stevens, a Senior Research Analyst at The Block, the dip in Coinbase’s app popularity isn’t too shocking. The drawdown in crypto asset prices and new platforms allowing retail traders to access crypto without leaving their primary brokerage are key factors.
December 2023 and early January were buzzing with anticipation for the U.S.’s first ever spot bitcoin ETF approval, aligning with a bullish run on cryptocurrency prices. However, the market has somewhat stabilized since then, mirroring the changes in Coinbase’s app ranking.