- More good news for crypto lovers as it is fast becoming the center of global finance.
- Coinbase app downloads have surpassed popular social media platforms on the App Store.
- Experts debate whether this is a generational shift or just a temporary trend.
- More downloads mean more investments and a higher crypto market capitalization.
This week, the popular cryptocurrency exchange platform Coinbase gets all the headlines as its mobile app downloads have surpassed popular social media apps to become the most popular application on the App Store. The popularity of Coinbase surged internationally after its listing on Nasdaq in April when, on its first day, it got valued at $86 billion.
Social media sites like Facebook (NASDAQ:FB), Instagram, Twitter, and TikTok have always been all the rage with young people. TikTok broke onto the scene during the pandemic and soared in popularity, but its spot has been taken by Coinbase, which recorded over two million downloads in April.
Coinbase And Blockchain Solutions Can’t Be Stopped
Some analysts suggest that this crypto buzz will eventually die down, while others posit that crypto has come to stay. Whatever the case may be, it’s crypto season, and users are loving it. Coinbase has seen massive adoption and growth since its listing on Nasdaq in April.
The optimistic predictions have come true; Coinbase on Nasdaq will only have positives for the company. With two million downloads in April, Coinbase has become the most popular application on the App Store, and it’s still growing.
Coinbase became available on the App Store in 2014 but just recently received massive popularity. Other crypto apps like Binance are also doing well, currently sitting at #17. CashApp, an app that lets users purchase Bitcoin, is at #12. With the number of mobile and desktop app downloads rising, Coinbase has partnered with auction giant Sotheby’s to aid in cryptocurrency payments.
The current boost in the market capitalization of cryptocurrencies to $2 trillion has attracted more investors, and this has led to the growth of Coinbase and other applications. Before now, social media platforms were young people’s go-to apps for money through influencing trends, but now the tide has turned to cryptos.
Due to its volatility, young people see crypto as a perfect platform to make money. The boost in investments can also be seen in the recent surge of altcoins, with Ethereum going above $4,000.
On the Flipside
- The surge in cryptos may be a temporary trend rotation, and people will still return to social media for entertainment.
- Analysts have also argued that Coinbase is overvalued.
- Just before its Nasdaq listing, Coinbase was reportedly valued at $100 billion.
- Altcoins are highly volatile and may lead to new users losing money.
Coinbase
Coinbase is a cryptocurrency exchange platform that makes it easy for users to buy, sell, and store cryptocurrencies. Founded in 2012, it is licensed in all states in the US except Hawaii and has grown to be the most popular cryptocurrency exchange platform.
Coinbase offers a lot to its users, and it is steadily modifying its platform to include more features. Apart from the traditional cryptocurrencies, it has its own US dollar stablecoin, a custodial account, and special wallets for institutions and retail investors.
Initially, it only allowed Bitcoin trading, but it has expanded to altcoins like Ethereum, Bitcoin Cash, and Ripple.
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