Bitcoin Rally Boosts Coinbase, Robinhood in Global App Store

Bitcoin's recent rally has put Coinbase in ninth place in the global app rankings, trailing Robinhood at 13.

This rise in popularity reflects a resurgence of retail interest, as Coinbase topped 435 the night before the US election.

Retail interest revives: Coinbase climbs to ninth place globally in the app store

Coinbase's rapid growth shows retail investors returning to the crypto market eager to join the Bitcoin rally. As the value of Bitcoin continues to rise, users are increasingly downloading trading apps to participate.

Another major trading platform, Robinhood, is also on the rise, now ranking 13th in the US App Store, with CashApp trailing behind at number 30. This simultaneous growth of Coinbase and Robinhood shows the demand for easy-to-use crypto trading platforms.

In March 2024, Coinbase briefly reappeared among the top 100 apps. It did so for the first time two years ago, marking the start of renewed interest.

Now, its place in the top 10 confirms a new wave of retail adoption, possibly fueled by Bitcoin's recent performance. As retail investors react to these market shifts, the crypto space seems to be gaining new momentum.

As Bitcoin and other cryptocurrencies proliferate, retail investors flock to trading platforms, increasing app downloads. Robinhood's ranking of 20 points suggests that traditional trading applications that cater to retail crypto demand will have high returns.

Known primarily for stock trading, Robinhood attracts users looking for both stock and crypto investments in one app. This increase in Robinhood shows that retail investors want easier and easier access to crypto, especially during price hikes.

“Bitcoin Sentiment Check: Coinbase App Store on apple iOS 7 Day Moving Average = 191 Probably only 1-2 weeks away from hitting extreme levels based on current momentum. *The app reached No. 1 in December 2017, April 2021 and November 2021,” an analyst said on Nov. 11 via X.

Polymarket bets on the Bitcoin Rally

Polymarket contenders have been quick to jump on the bandwagon. At the time of this writing, users estimate a 58% chance that Coinbase will remain among the top 10 free apps on November 15th.

In the crypto industry, application levels often indicate market sentiment and may signal the approach of a bull market. This trend also shows how retail adoption will shape the market for crypto apps.

As platforms like Coinbase roll out application standards, they respond to the crypto market's vibrancy and price movements. If this pattern continues, more crypto apps may gain popularity, attracting more retail investors.