BTC Wires: Coinbase is currently experiencing a significant dip in its app downloads owing to the falling price of Bitcoin. It is no secret that a decline in the price of cryptocurrencies comes with its fair share of side effects. The latest target is the Coinbase mobile app that is experiencing a very real dip in its popularity, thanks to the falling price of Bitcoin. However, this is barely causing a dent in the traction of Bitcoin trading among customers.
The last month saw an unprecedented spike in the price of Bitcoin as a result of which, super eager first-time investors flocked to Coinbase to get their dollars exchanged for bitcoins. This gained the app a lot of momentum and popularity as the app downloads shot up quickly, securing a place in the top free spot of the App Store charts in America. However, it came down to the #8 spot quickly due to Bitcoin’s price fall.
A brand new analysis done by Sensor Tower and its team of app analytics shows the constant rise and fall of downloads of the Coinbase mobile app on iPhones and iPads. According to the data shared by Sensor Tower, Coinbase received more than twice the number of installations seen by juggernauts such as Instagram and Snapchat. However, a recent review demonstrated the dip in the downloads of Coinbase below Snapchat and Instagram all over again.
It is important to note here that Coinbase enjoys a large customer base throughout the globe. These users are generally known to download the app once per phone or any other device. So, it is understandable that unless there are new users of the mobile app, the app downloads will continually dwindle. That said, this is not a Coinbase-specific problem. Every mobile app faces the same kind of issue in this day and age. What’s left to be seen is if Coinbase would be able to revive its earlier popularity again!