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Mobile cryptocurrency has soared on Apps Store rankings as prices of Bitcoin and other crypto assets have climbed. The favorable price increase has also seen an overall surge in the market capitalization of all coins. Last week, the total market cap surpassed $3 trillion.
Coinbase Leads the Crypto Apps with Record Trading Volume
In the mobile crypto app world, the Free Finance category of Apple’s App Store for iOS devices recorded significant ranking gains. Coinbase jumped 25 places from #26 on Election Day to the top spot on Friday, November 15. Interestingly, this massive leap coincided with the exchange’s notable trading volume surge.
According to CoinGecko data, Coinbase’s trading volume crossed the $12 billion mark on November 12, marking an all-time high for this year.
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Besides Coinbase, other crypto apps that experienced increased activity were Robinhood and Crypto.com. These also entered the top 10 category.
New Entrants Like Moonshot Impresses
Based on precedence, major cryptocurrency apps usually experience rising popularity when asset prices rise. This is because mobile apps are a significant attraction to retail buyers in terms of accessibility. Crypto experts favor more decentralized platforms.
However, in the current development, aside from top crypto brands, other relatively new entrants have also made a remarkable impact. In the App Store ranking, Moonshot, a mobile meme coin trading platform launched in July, has made a staggering leap.
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With over 90,000 downloads across both the iOS App Store and Google’s Play Store for Android devices, Moonshot jumped into the top #100 apps. Initially outside the top #400 apps, Moonshot now occupies the #84 spot in the Free Finance category. Remarkably, this rise in ranking also corresponds to a new daily high revenue of over $130,000 on November 12.
Is the Bullish Cycle Over?
Market trend observers consider the success of major crypto apps such as Coinbase and others a critical signal. This rise suggests that assets’ prices and cycle might have reached or are approaching their local highs; the following is a likely correction.
Despite this, some top crypto analysts feel the market has yet to peak. They argue that a major exchange hitting number one should not benchmark the highs of the price cycle.
