Crypto alternate Coinbase’s app quickly spiked to an eighth spot within the US App Retailer rankings on Wednesday, however has since dropped to seventieth place.
The Coinbase app has principally hovered between the 2 hundredth and four-hundredth spot this yr — besides when bitcoin price has pumped.
Recognition is a fleeting factor, nonetheless. The app tends to rapidly shoot again down whereas bitcoin continues to rally.
This most up-to-date surge has adopted the identical sample. Bitcoin’s bull run introduced its price up from $68,000 to $88,000 from November 4 to November 13. The Coinbase app rose from 428th to eighth place over the identical time interval.
The app’s rating has since declined to the seventieth spot, whereas bitcoin has continued to surge to $92,500. It hovers close to this peak at press time.
Coinbase app broke prime 100 in March, too
Protos has pulled app rating information from the Coinbase App Rank Bot on X. Bitcoin merchants observe these rankings as a sign of warmth.
The bot pulls information twice a day at 8am and 8pm PST from the US App Retailer. Protos has collected the best rating from every day.
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In keeping with the Coinbase App Rank Bot, this marks the second time the app has damaged the highest 100 this yr. Between February 26 and March 5, the price of bitcoin jumped from $52,000 to $68,000. The app equally surged from 388th to forty fourth place over the identical time interval.
From March 5 to 14, bitcoin continued to pump previous $73,000. Coinbase’s app, nonetheless, shot again down to 127th.
Apparently, when bitcoin’s price remained stagnant between August and early November, the app’s reputation completely plummeted, persistently hovering across the 350th to five hundredth spot.
Caveats
App reputation is a imprecise time period. It stays unclear how Apple ranks its apps. Most speculate that it’s a combination of things, similar to downloads, engagement, and income.
So, whereas Coinbase is shifting up within the ranks, it’s unknown how a lot relies on income (trades), downloads, or just engagement (which incorporates current customers checking their wallets).
Learn extra: ‘Secret’ Coinbase, Binance itemizing charges spark heated debate
It must also be famous that the bot appeared to malfunction between January 30 and February 3. As such, no app rating information is accessible over this timeframe.
The bot additionally skilled a brief situation on March 18 and 19, and due to this fact was solely capable of report one determine on as of late.
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