Bitcoin (BTC) exchanges in the United States are seeing unprecedented popularity as a wave of adoption engulfs the market.
Coinbase in the top 400 US sites
With BTC / USD hitting all-time highs, the run to $ 42,000 in January appears to have sparked a tsunami of new user engagement with some of the most popular cryptocurrency trading platforms.
In the US, the hub of institutional inflows into Bitcoin in recent months, the Gemini, Kraken and Binance US exchanges are all among the top 10,000 global sites.
While Binance beats Coinbase in terms of global visits, the latter reigns supreme in its domestic market and ranks 386th among US internet users. The data relates to December 2020, with the crypto rush at the beginning of this year likely to further increase the popularity of the exchange.
Despite widely published system outages and other technical issues – phenomena that have plagued Coinbase over the years – its popularity remains clearly unchanged.
“Coinbase had 1.3 million app downloads in January. That’s more than E-trade, TD Ameritrade, Charles Schwab, Fidelity, and Sofi had … combined,” Morgan Creek Digital Co-Founder Anthony Pompliano listed on Tuesday.
Coinbase is currently the top crypto-specific financial app in the Apple App Store, with both Binance and Binance US also in the top ten.
Another indication that bad publicity isn’t as bad as it seems, retail trading app Robinhood also saw a huge jump in app downloads last week as users and commenters alike complained about what they saw as arbitrary restrictions on their actions.
Withdrawals herald a return to Bitcoin
Such as Cointelegraph reported Meanwhile, as a location for large purchases, Coinbase has become a useful tool for assessing the market appetite to buy or sell.
This week saw large withdrawals of the exchange to private wallets, something one analyst says is a continuation of institutions buying over the long haul.
“The strongest bullish signal is working,” said Ki Young Ju, CEO of on-chain analytics resource CryptoQuant, continued in new comments on Wednesday.
“32.4k was the low and the $ BTC price was up + 13%. But as I said, institutional buying is the strongest bullish signal canceling all other bearish signals. I expect it to rise more.”
BTC / USD is trading at around $ 36,000 at the time of writing, up 4.8% from the day after hitting its highs of $ 36,820.