Coinbase app climbs in ranking after Trump's win and bitcoin shatters records

11/15/2024 04:00
Coinbase app climbs in ranking after Trump's win and bitcoin shatters records

Following Trump’s re-election earlier this month, the popular crypto exchange app is experiencing a resurgence in interest.

On the evening before November’s highly-charged presidential contest, America’s largest registered crypto exchange – Coinbase – sat at a ranking of 435 on the Apple App Store.

However, after Donald Trump’s victory this month, Coinbase has skyrocketed back to a Top 10 listing.

The cryptocurrency app has seen a boom as the broader crypto market has surged in the wake of Trump’s win. Retail investors are quickly rediscovering crypto after the 2022 market downturn, which saw the high-profile collapse of Coinbase's rival exchanges like FTX.

As bitcoin’s price topped $90,000 on Wednesday – continuing to ride a euphoric market streak since reaching new all-time highs this week – Coinbase jumped to the 9th spot on Apple’s category of "Top Free Apps." In doing so, the financial app beat popular rivals like Gmail, Google Maps, and even Facebook.

On Polymarket, a popular prediction market platform using cryptocurrency, users have placed real-time bets on whether Coinbase might regain its glory on the App Store charts and reach Top 10 by Friday. More than $110,000 has been invested in the prediction by users, who forecast there is a 38% chance of Coinbase reaching that coveted status by tomorrow, at the time of writing,.

Coinbase is also seeing steady growth in the Google Play Store, where it is currently listed as the 95th choice among financial apps. Similarly, the Coinbase Wallet app, a non-custodial version that allows users to self-host their crypto wallets, has quickly climbed to the 47th spot, while rivals like Cash App and Kraken have reached the third and eighth spots, respectively.

Bitcoin’s price is currently sitting at near $90,000, representing a 4% surge over the last 24 hours. After reaching a new all-time high in March and then again in November, the world’s largest digital asset is fast approaching $100,000. Market analysts are buoyant that the cryptocurrency may even have an upcoming breakout of $500,000.

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