U.Today - The growing momentum on the cryptocurrency market as Bitcoin approaches the $90,000 mark is reflected in the Coinbase (NASDAQ:COIN) app's recent ascent into the top 70 of the App Store's global rankings. In the past, Coinbase's app store popularity has been directly correlated with the performance of Bitcoin; when BTC increases, both new and returning investors who want to profit from the rally frequently download the app.
This increase in the App Store ranking is a precursor to growing consumer interest, which is a major factor in long-term cryptocurrency rallies. When Bitcoin is rising, more people usually want to buy in or increase their holdings, which naturally increases the number of downloads for well-known cryptocurrency trading apps like Coinbase.
Prior cycles have seen Coinbase even break into the top 10 during market peaks, indicating that as Bitcoin gets closer to all-time highs, retail investor excitement frequently erupts.
Given the state of the market, Bitcoin has been exhibiting incredible strength. Trading volume has increased dramatically since it firmly broke out of the downward channel that held its price for months. Major support levels are still in place, making the $90,000 target seem more and more attainable.
In a strong bull market, technical indicators like the RSI approach overbought levels, but this does not necessarily mean that the market will immediately reverse; rather, it emphasizes increased demand. Coinbase's ascent in the app rankings also suggests that a period of increased public interest may be upon us, which would support the market's expansion. Significant price spikes may result from this type of retail interest, particularly if it coincides with high buying volume and ongoing institutional interest.