Coinbase App Drops From Rank 1 to 300 in Two Months

Over the past couple of months, Coinbase, the digital currency company, has been experiencing major growth, with their user base growing by over 100% in 2017.

Coinbase, the most popular cryptocurrency trading app, has dropped from the #1 spot on the App Store to rank 300 in less than two months. Their plummeting numbers have been attributed to a decrease in adoption, plus their continued support of SegWit (Single-Signature), which is seen as a negative for Bitcoin.

As the most popular app for buying and selling bitcoin in the App Store, it’s not surprising that Coinbase is popular. Founded in 2012 by Fred Ehrsam and Brian Armstrong, the San Francisco-based company was an early bitcoin enthusiast. In late 2017, Coinbase was one of the top 30 apps on the App Store, the path to success that many apps take to stick around. But in less than two months, Coinbase dropped from its #1 spot in the App Store to the #300 spot. Why?. Read more about is coinbase secure and let us know what you think.

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News from the Exchange

  • Coinbase has dropped from first to 16th position in the App Store rankings.
  • Coinbase went public via a direct listing on April 14th.
  • In 2021, the daily trading volume on the major spot markets has decreased.

Coinbase, a cryptocurrency trading platform based in the United States, has lost its top spot on the App Store. This came after the May crypto collapse, which saw Bitcoin lose more than half of its value in a week, other currencies plummet by as much as 63 percent, and investors lose their enthusiasm.

Coinbase was rated No. 1 in Apple’s App Store on May 10 and 11, according to statistics from blockchain software firm The Block Crypto, but it is currently placed No. 316.

Coinbase went public via a direct listing on April 14, starting at $381 per share then surging to almost $430 before sliding back. Bitcoin (BTC) soared over $64,000 to set a new all-time high on the same day. Since then, neither bitcoin nor Coinbase have been able to match those highs. As of this writing, Coinbase’s stock was trading at $230. The price of bitcoin was $33,508.

According to CNBC, Coinbase’s stock price has been affected by volatility. 

According to Jesse Pound,

“It’s conceivable that Coinbase’s mainstreaming of crypto may lead to more acceptance and higher highs for bitcoin, dogecoin, and the rest in the long run. However, for the time being, when the crypto exchange makes a move, it signifies the height of excitement and has served as a solid sell signal.”

Coinbase App Drops From Rank 1 to 300 in Two MonthsIn June 2021, web traffic to cryptocurrency exchanges will be at an all-time high (Source: SimilarWeb)

Daily trading activity on the burgeoning spot markets has fallen to its lowest level since 2021. Furthermore, a stagnant market may be one cause of the decline.

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