Coinbase App Drops From Rank 1 to 300 in Two Months

Coinbase App Drops From Rank 1 to 300 in Two Months
  • Coinbase has plunged from its No. 1 ranking on the App Store, now holding 16 place.
  • On April 14, Coinbase went public through a direct listing
  • The daily trading volume on the leading spot exchanges has dropped in 2021.

Coinbase, US crypto exchange platform, has plunged from its No. 1 ranking on the App Store. This happened after the May crypto crash saw Bitcoin lose more than half its value, other coins nosedive as much as 63% in a week, and investors lose their euphoria.

According to data from the blockchain software company The Block Crypto, the Coinbase ranked No. 1 on Apple’s App Store on May 10 and May 11, however, the Coinbase is now No. 316.

On April 14, Coinbase went public through a direct listing, trading at $381 per share, then surged to almost $430 before falling back. On the same day, Bitcoin (BTC) broke above $64,000 to hit a new all-time high. Neither bitcoin nor Coinbase has come close to those levels since. Coinbase shares were trading at $230, as of this writing. Bitcoin was trading at $33,508.

Volatility has not been mainly good for Coinbase’s share price, CNBC reported

Jesse Pound wrote,

“It’s possible that over the longer term, Coinbase’s mainstreaming of crypto leads to greater adoption and higher highs for bitcoin, dogecoin and the rest. But for now, when the crypto exchange makes a move, it marks the peak of euphoria and has been a reliable sell signal.”

Web Traffic to Crypto Exchanges in June 2021 (Source: SimilarWeb)

The daily trading volume on the growing spot exchanges has dropped to the lowest in 2021. Moreover, one reason for the slowdown could be the stagnating market.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.