Coinbase Soars to the Top of the Finance Ranking in the App Store as Bitcoin Surges and Trump is Elected
The position of Coinbase in the app rankings has historically served as a signal indicating the massive influx of retail investors into the market and a potential short or long-term top. Despite its success on the Apple App Store, Coinbase’s performance is less pronounced on the Google Play Store, where it ranks 95th in the finance category, while apps like Uniswap dominate the Android ranking.
Coinbase Makes a Comeback in the App Ranking
Coinbase, one of the largest crypto exchange platforms, is experiencing a spectacular surge in the ranking of the US App Store. After stagnating at 435th place the day before the US presidential election, the app soared to the top spot in the Finance category the following Wednesday, coinciding with Bitcoin reaching a new all-time high of over $93,000.
Currently, Coinbase ranks in the top 10 among free iPhone apps. In comparison, Cash App, which recently started allowing bitcoin transactions, is at 30th place, while Robinhood, popular for stock and crypto trading, holds the 13th position.
The decentralized prediction platform, Polymarket, displayed an 88% probability this morning that Coinbase would maintain its position in the top 10 of the US App Store’s free apps until Friday, before dropping to 63% at the time of writing this article.
The Trump Effect and His Pro-Crypto Promises on Coinbase
Coinbase’s rise in the rankings coincides with Donald Trump’s electoral victory and a crypto rally triggered by his pro-crypto policies. Once skeptical of digital assets, Trump changed his tone during his campaign, promising to establish a national Bitcoin reserve and put an end to hostile cryptocurrency regulation. This commitment had an immediate impact on the market, sparking renewed optimism among investors.
Coinbase’s Rise in the App Store: the Arrival of Retail Investors?
The evolution of Coinbase’s app ranking has often been a precursor indicator of the influx of new retail investors into the crypto market. During previous cycles, the app had reached the top 10 when the market approached its peaks. In October 2021, just before the peak of the previous bull market, Coinbase even reached the top spot.
Uneven Growth Across Platforms
While Coinbase triumphs in the Apple App Store, its performance is less pronounced on the Google Play Store. In the latter platform, Coinbase ranks 95th in the finance category, while its web3 wallet version is in 47th place. On the other hand, Uniswap, a decentralized finance application, holds the first place on Android, followed by Cash App in 3rd place and Kraken in 8th position.
