Bitcoin Bull Market Revives Interest in Crypto Apps: How Many More Investors Are Coming?
2 min readRecent data from SensorTower shows an increase in interest in crypto apps, especially those from Coinbase. In February, Coinbase apps saw a significant increase in downloads: The main app “Coinbase: Buy Bitcoin & Ether” increased by a whopping 291% and “Coinbase Wallet: NFTs & Crypto” by 143%. This increase in downloads also underscores the renewed interest of private investors in cryptocurrencies from a fundamental perspective.
In this article, you will learn the potential of cryptocurrency prices based on bull market fundamentals. Exciting spoiler ahead: We are far from the peak of the 2021 bull market!
Significant increase in daily active users of crypto apps due to bull market
Not only the download numbers, but also the daily active users (DAU) of the Coinbase apps show a positive picture: the DAU for “Coinbase: Buy Bitcoin & Ether” is around 45% and for “Coinbase Wallet: NFTs & Crypto” around 45%. 16%% increased. This increase shows us that usage frequency is increasing and app user engagement is increasing. In most cases, this dynamic is considered a major indicator of continued growing confidence in the market and the platform itself.
The significant increase in the number of app downloads and daily active users corresponds to the overall bullish phase in the crypto market. This growing interest may have a positive impact on the listed company Coinbase. This is based on the fact that higher user activity usually leads to increased transaction volumes and thus potentially higher revenue for the listed company. For investors and users, this current development of course underlines that the crypto market is also fundamentally gaining strength and cryptocurrencies can penetrate further into the mainstream.
Found some interesting data on @coinbase's apps from @SensorTower
App Downloads in February:
• Coinbase: ⬆️291%
• Coinbase Wallet: ⬆️143%Retail is coming back on $COIN 🧵… pic.twitter.com/EXMEWNMSLw
— Alyssa Choo (@alyssachoo_) March 1, 2024
While new investors are increasingly coming into the market due to the strong market rally, some otherwise interested parties are holding back due to the ongoing environmental dynamics of Bitcoin.
