Key Takeaways
- Coinbase app re-entered the top 400 most downloaded apps.
- Bitcoin retail activity surges as prices climb near $65,700.
- Santiment notes strong bullish sentiment, cautioning that a new all-time high may not be imminent.
Retail interest in Bitcoin is on the rise again, as indicated by Coinbase’s surge in app downloads. Data shared by Bitcoindata21 on September 18 reveals that the Coinbase app, which had fallen out of the top 500 on the Apple App Store, re-entered the top 400 by late September. Coinbase reached 385th place by September 28, reflecting growing interest as Bitcoin’s price hovers around $65,700.
Historically, Coinbase app downloads spike during bull markets, such as in December 2017 and April and November of 2021. In contrast, during bear markets, the app’s popularity dips. Bitcoindata21 cited notable peaks in downloads during previous price surges. He commented:
More people started downloading the app when bitcoin was testing all-time highs.
Despite this uptick in retail activity, research firm Santiment warned that a new Bitcoin all-time high might still be some time away, noting that social media bullish sentiment is currently strong, with 1.8 bullish posts for every bearish one. They suggest that market movements often run counter to such crowd sentiment.
