The Coinbase app recently shot up to the 8th spot in the US App Store rankings. However, it quickly dropped back down to 70th place.
This year, the app has mostly stayed between the 200th and 400th positions. It tends to spike when bitcoin prices rise. But once the excitement fades, the app's ranking falls again.
During the latest bitcoin surge, the price jumped from $68,000 to $88,000 between November 4 and November 13. In that same timeframe, the Coinbase app climbed from 428th to 8th place. But as bitcoin continued to rise to $92,500, the app slipped back to 70th.
The app also broke into the top 100 back in March. Data from the Coinbase App Rank Bot on X shows that bitcoin traders keep an eye on these rankings as a sign of market interest. The bot pulls ranking data twice a day from the US App Store, and Protos collects the highest rankings from each day.
This marks the second time this year that the app has made it into the top 100. From February 26 to March 5, bitcoin's price increased from $52,000 to $68,000. During that period, the app jumped from 388th to 44th place. Yet, from March 5 to 14, as bitcoin passed $73,000, the Coinbase app fell back to 127th place. Interestingly, when bitcoin prices remained steady from August to early November, the app's popularity dropped significantly, often lingering between 350th and 500th positions.
Now, app popularity is a tricky term. It's not entirely clear how Apple ranks its apps. Most believe it’s a mix of factors like downloads, user engagement, and revenue.
So, while Coinbase is climbing the ranks, it’s hard to tell how much of that is due to revenue from trades, download numbers, or just users checking their wallets.
Also, keep in mind that the bot had some issues between January 30 and February 3, so there’s no ranking data from that time. It also faced temporary problems on March 18 and 19, only recording one figure on those days.