Coinbase App Surges on Pro-Crypto Wave

Coinbase has soared back into the top ranks of the U.S. Apple App Store, reaching 8th place in the “Free iPhone Apps” category on Wednesday. This rise comes on the heels of former president Donald Trump’s pro-crypto stance, which has reignited market enthusiasm and driven Bitcoin’s price to unprecedented heights above $93,000. Coinbase’s position, now holding at 9th, indicates a potential retail resurgence as the app benefits from newfound interest in crypto.

Coinbase’s App Store ranking jumped from 435th on Nov. 5, the day before the U.S. presidential election, to 8th just days later. Cash App, another major app that supports Bitcoin, trails behind at 30th, with Robinhood ranked at 13th. This app ranking shift underscores the powerful influence that positive regulatory sentiment can have on the market, especially as it aligns with surging Bitcoin prices.

Trump’s Influence on Crypto Sentiment

Trump’s recent shift in stance towards crypto has been widely felt. Previously a critic, Trump embraced crypto as part of his campaign, promising a more favorable regulatory environment, including a “national bitcoin stockpile” and “ending the war on crypto regulation.” This pro-crypto sentiment has resonated with the market, pushing prices up and signaling a potential easing of government restrictions on digital assets.

Since the election, Coinbase has experienced a wave of new downloads, with many retail investors eager to enter the market as Bitcoin hits all-time highs. In fact, Coinbase has a track record of rising in app store rankings during bullish cycles, often coinciding with spikes in retail trading activity.

Bitcoin’s Record-Breaking Price Surge

Bitcoin’s value has skyrocketed in 2024, now trading at $88,705, according to Coingecko. This marks a 4% increase in the past 24 hours, 22% over the last week, and a staggering 116.1% gain year-to-date. The price jump has also elevated other major cryptocurrency indices, with the GMCI 30 index — representing a selection of the top 30 digital currencies — up 3.5% in the past day and 64% since the beginning of the year.

The hype surrounding Bitcoin’s recent rally mirrors Coinbase’s journey back into the top 10. Historically, Coinbase has reached these app ranking peaks when retail interest is at its highest, often during market euphoria. The last time Coinbase achieved the number one spot was in October 2021, just ahead of the bull market peak.

Coinbase Dominates Finance Apps

Coinbase’s surge in popularity is reflected within the finance category as well, where it currently holds the top rank. Meanwhile, Coinbase’s non-custodial Web3 wallet is ranked 14th. Cash App, formerly dominant, has slipped to the third position, showcasing Coinbase’s significant influence in the crypto landscape.

Despite these gains in the Apple App Store, Coinbase’s position on the Google Play Store remains more modest, currently ranking 95th in the finance category, with its wallet at 47th. Other popular apps, including Uniswap and Kraken, continue to rank higher on the Play Store.

Coinbase’s return to the top 10 in the App Store reflects a broader market rally driven by Trump’s pro-crypto policies and a bullish outlook on Bitcoin. With continued retail interest and a rising price, this surge may indicate a new era of mainstream crypto adoption as Coinbase’s app ranking signals market enthusiasm.