How Coinbase and Moonshot Dominated the App Store During Bitcoin’s Bull Run
Coinbase and Moonshot – Amid a Bitcoin rally that pushed the global cryptocurrency market cap past $3 trillion, mobile crypto apps have surged in popularity, with Coinbase leading the way. After jumping from #26 on Election Day to #1 in the Apple App Store’s Free Finance category, Coinbase benefited from a record $12 billion in trading volume on November 12, according to CoinGecko.
New Players: Moonshot App’s Meteoric Rise
While established apps like Coinbase, Robinhood, and Crypto.com dominate the rankings, newer apps are also capitalizing on the boom. Moonshot, a mobile platform for trading meme coins, has seen an explosive rise from outside the top 400 to #84 in just a few weeks. Launched in July 2024, Moonshot has garnered over 90,000 downloads and achieved $130,000+ in daily revenue on November 12, according to DeFiLlama. The app stands out by allowing users to buy meme coins easily via Venmo or debit cards, bypassing the complexities of traditional crypto exchanges.
Rising Competition
Despite its success, Moonshot faces growing competition. Platforms like Photon and BullX cater to more sophisticated traders, while Tensor prepares to launch its social trading platform, Vector.fun. Meanwhile, Phantom, the popular multi-chain crypto wallet, was ranked #6 in the App Store’s Utilities category, drawing attention from crypto enthusiasts.
Is This the Top?
While the rise of Coinbase and other apps is a sign of the market’s strength, some see it as a potential “top signal,” suggesting a market correction could be near. However, some experts, like Rohun Vora (founder of DeGods), believe the real “top” will come when apps like Phantom hit the mainstream.
As the market evolves, user experience, security, and transaction volume will determine which apps continue to dominate. For now, the crypto space remains dynamic, with mainstream adoption growing rapidly.
FAQ: Mobile Crypto Apps and Bitcoin’s Surge in 2024
Why are mobile cryptocurrency apps gaining popularity?
Mobile cryptocurrency apps are gaining popularity due to a significant surge in Bitcoin and other crypto asset prices. As crypto prices rise, retail investors and traders flock to easy-to-use mobile platforms like Coinbase, Robinhood, and Moonshot, contributing to higher app rankings and increased trading volumes. The rise in the overall market capitalization of cryptocurrencies, which surpassed $3 trillion this week, also fuels this growth.
How has Coinbase performed in the App Store rankings?
Coinbase saw a dramatic jump in the Apple App Store rankings, moving from #26 on Election Day to #1 in the Free Finance category by Friday. This surge aligns with increased trading activity on the platform, with $12 billion in daily trading volume recorded on November 12, the highest of the year according to CoinGecko.
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