The bear market for Bitcoin (BTC) and all other cryptocurrency has dragged down Coinbase, the US’s most popular cryptocurrency exchange. Prices continue to plunge moving into Q3 of 2018, and the exchange’s download ranking for its Coinbase app has suffered because of this.
The Coinbase app has fallen to the download level it experienced in April of last year. In December, Coinbase soared to the very top of the US finance apps, in terms of downloads, as Bitcoin (BTC) hit its all-time record high. Since then, Bitcoin has lost around two-thirds of its value.
In June, Coinbase’s app fell to the 40th spot among the month’s finance app download ratings, according to Quartz. This time last year is when cryptocurrencies and Bitcoin (BTC) started making its way into major mainstream media sources, and that’s when all of the hype and popularity began.
As you can see from the chart above, in Q3 of 2017 the entire cryptocurrency market began its rise. In Q4 of 2017, Bitcoin was gaining nearly $1,000 in value a day, and Ethereum was rising just as quickly.
Everyone wanted in on the new digital currency everyone was talking about, but most entered without doing any research. A lot of investors that came in towards the latter half of 2017 were new to investing and had never seen the market hit red.
All of that changed in January, and people began to panic sell their digital assets after seeing it correct, and the market has suffered ever since. At the beginning of January the total market cap was over $800 billion, and currently, it is sitting at $250 billion.
After the hype faded and the market bubble popped, only those that truly believe in the blockchain and its worth have stuck around.
Although Coinbase app downloads are struggling right now, they could still see small rises as the market matures over time. Lucky for Coinbase, investors still have access to the web-based platform too.
Featured Image: Twitter