Bitcoin (BTC) is regaining popularity among retail traders after months of absence, new data suggests.
Findings originally uploaded to X on Sept. 18 by analytics account Bitcoindata21 show one crypto app, in particular, making a comeback this month.
Bitcoin exchange app inches out of “bear market”
Bitcoin and crypto have faded from mainstream consumers’ radar in the six months since BTC/USD hit its latest all-time high.
Now, however, things may be finally changing, according to downloads of the official app from the largest United States exchange, Coinbase.
A chart created by Bitcoindata21 reveals that Coinbase is regularly among the 500 most downloaded apps on the Apple AppStore. After dropping out this month, its popularity is once more picking up.
The chart shows that downloads, arguably predictably, correlate to price performance—the peak of bull markets saw Coinbase enter the top 175 apps, while below 500th place corresponds to bear markets.
“In other words, more people started downloading the app when bitcoin was testing all time highs (November 2020 at $20k, and March 2024 at $69-74K),” Bitcoindata21 explained at the time.
“We are also now back down to bear market levels, where retail is no longer interested, but with price around $60k.”
Since then, a BTC price rebound has improved the app’s popularity, with Coinbase reaching 385th place on Sept. 28.
“Most importantly, the app reached no.1 in December 2017, April 2021, and November 2021…,” the X post concludes.
As Cointelegraph reported, the so-called “Coinbase premium” — the difference in BTC prices between the Coinbase BTC/USD and Binance BTC/USDT pairs — returned to positive territory last week.
Analysis: Too early for new BTC price all-time high
Analyzing social media activity, meanwhile, research firm Santiment argued that a new all-time high may still be far off despite BTC/USD trading around 10% from its March peak.
Related: Bitcoin sell-side risk hits 2024 low just $10K from BTC price record
“Positive commentary” tied to Bitcoin, it showed this weekend, is at its highest levels year-to-date.
“If you’re awaiting Bitcoin’s new all-time high, it may need to wait until the crowd slows down their own expectations,” it said.
“There are currently 1.8 bullish posts toward BTC for every 1 bearish post. Markets historically always move the opposite direction of crowd’s expectations.”
BTC/USD traded at around $65,700 at the time of writing on Sept. 29, per data from Cointelegraph Markets Pro and TradingView.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
