Bitcoin (BTC) is regaining popularity among retail traders after several months, new data suggests.
Cryptocurrency apps in particular have made a comeback this month, according to results first uploaded to X on September 18 by analytics account Bitcoindata21.
Bitcoin exchange app is out of “bear market”
Bitcoin and cryptocurrencies have disappeared from the radar of mainstream consumers in the six months since BTC/USD hit an all-time high.
But now, according to the official app download of Coinbase, the largest exchange in the US, that may finally be changing.
Coinbase is regularly among the 500 most downloaded apps on the Apple AppStore, according to a chart created by Bitcoindata21. Its popularity is growing again after being eliminated this month.
The chart shows that the number of downloads is correlated with price/performance. At the peak of the bull market, Coinbase was among the top 175 apps, while anything below 500 was a bear market.
“That is, when Bitcoin was testing all-time highs ($20,000 in November 2020 and $69-74,000 in March 2024), more people started downloading apps,” Bitcoindata21 explained at the time.
“We are now back to bear market levels where retail is no longer interested but prices are around $60,000.”
Download the Coinbase app. Source: Bitcoindata21/X
Since then, the BTC price rebound has increased the app’s popularity, with Coinbase ranking 385th on September 28.
“Most importantly, this app ranked #1 in December 2017, April 2021, and November 2021…” concludes the X post.
As Cointelegraph reported, the so-called “Coinbase premium” (the BTC price difference between the Coinbase BTC/USD and Binance BTC/USDT pairs) returned to positive territory last week.
Analysis: It’s too early for BTC price to hit new all-time high
Meanwhile, research firm Santiment, analyzing social media activity, argued that a new all-time high is still a long way off, despite BTC/USD trading around 10% of its March high.
relevant: Bitcoin sell-side risk has hit a 2024 low of just $10,000 in BTC price history.
Bitcoin-related “positive commentary” this weekend hit its highest level this year.
“If you’re waiting for a new all-time high for Bitcoin, you might want to wait for the crowd to temper their expectations,” he said.
“Currently there are 1.8 bullish posts about BTC for every 1 bearish post. Historically, markets have always moved in the opposite direction of crowd expectations.”
Bitcoin social media sentiment data. Source: Santiment/X
BTC/USD was trading around $65,700 at the time of writing on September 29, according to data from Cointelegraph Markets Pro and TradingView.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.