It is another milestone for cryptocurrencies as crypto trading apps recently rose to the top of Apple’s App Store. Robinhood and Coinbase ranked number one and two most downloaded apps earlier this week.
Popular social media app, TikTok ranked number three with YouTube, Instagram, and Snapchat following as number four, fifth and sixth. This translates to the fact that there is an upsurge in interest in crypto which most likely emanated from the recent price surge of Bitcoin and every other altcoin.
It also means that the surge has made people more interested in crypto trading than using social media according to CNBC.
Typically, social media and entertainment options such as TikTok, Reddit, and Instagram are the top apps. The rankings reflect the momentum in downloads of a certain app, not necessarily the total cumulative downloads.
Crypto trading app Robinhood, Coinbase way to the top
Robinhood especially experienced significant coverage in January when the company halted purchases of GameStop stock. This came after the price surged believed to be an effect of activities by a Reddit subreddit known as r/Wallstreetbets.
However, this isn’t Robinhood’s first time at the number one spot. In January, at the height of the GameStop controversy, the brokerage firm was the most popular app in Apple and Google app stores and featuring again as number one now again owing to crypto surge. Webull, another trading app, was second. Coinbase, Square’s Cash App, and Fidelity also made the top 10 back in January.
Coinbase also was on the news severally especially after it announced it was going for its Initial Public Offering (IPO). The crypto exchange firm on Wednesday made its debut on Nasdaq also resulting in a bullish price for Bitcoin that day.
Other crypto trading apps like Binance, Trust Wallet, Luno among others also appeared in the list of top 100 most downloaded apps with Binance appearing in the top 10 most downloaded apps on the Apple store at press time.
Largely, both crypto and stock became a big deal in the retail market after the March 2020 crash. Emerging from the event, both markets posted recoveries, with the crypto markets going on to reach new all-time highs. Bitcoin’s price has since more than tripled its record high from 2017.