Coinbase surges back into US Apple App Store top 10, hits number 1 in finance amid Trump-fueled crypto rally

Coinbase has surged back into the U.S. Apple App Store top 10 amid a pro-crypto Donald Trump-fueled market rally.

The app jumped from a ranking of 435th on the day before the U.S. election on Nov. 5 to 8th on Wednesday as the price of bitcoin reached new all-time highs above $93,000. It is currently ranking at 9th in the "Free iPhone Apps" category, according to The Block’s data dashboard. Cash App, which offers bitcoin support, is currently ranked 30th, and crypto and stock trading app Robinhood 13th.

Previously skeptical of the industry, Trump laid out a variety of crypto policies during the campaign, including establishing a national bitcoin stockpile and a promise to “end the war on crypto regulation,” with the market responding positively since his election victory.

In March, as bitcoin rose to reach new all-time highs of nearly $74,000 amid a speculative frenzy following the launch of spot bitcoin exchange-traded funds in the U.S., Coinbase reentered the top 100 for the first time in more than two years.

However, the crypto exchange’s ranking subsequently dropped amid a cooling-off phase for the crypto market that followed, seeing bitcoin consolidate in a range between $50,000 and $70,000 for the next seven months — until breaking out to reach new all-time highs again following pro-crypto Donald Trump’s U.S. presidential election victory on Nov. 6. 

In previous cycles, Coinbase has entered the top 10 rankings when the crypto market was heading toward peaks. This suggests that as bitcoin makes new all-time highs, retail investor enthusiasm surges, often becoming euphoric once the exchange hits number one. Coinbase last hit the number one spot just ahead of the prior bull market peak in October 2021.

"Coinbase’s App Ranking placement has historically been used as a signal that a large wave of retail users have reentered the crypto markets," The Block’s Research Director Steven Zheng said.

Coinbase also rose to the number one rank within the finance category on the App Store in the U.S. on Wednesday, per The Block’s data. Coinbase’s non-custodial web3 wallet is currently ranked 14th, with Cash App losing the top spot and falling to 3rd position.

However, Coinbase currently ranks 95th in the finance category on the Google Play Store in the U.S. and Coinbase Wallet 47th, with Uniswap ranked number one, Cash App 3rd and Kraken 8th.

Polymarket shows 87% odds that Coinbase will hold top 10 position on Friday

Decentralized predictions platform Polymarket currently shows odds of 87% for the main Coinbase app to hold the top 10 position among all apps in the U.S. Apple App Store under "Free Apps” on Friday. The market will resolve to yes if it still ranks in the top 10 on Nov. 15 at 12 p.m. ET.

Bitcoin is currently trading for $91,325, according to The Block’s Bitcoin Price Page, up 4% over the past 24 hours, more than 22% in the last week and 116.1% year-to-date. 

The GMCI 30 index, which represents a selection of the top 30 cryptocurrencies, is up nearly 3.5% over the past day to 162.63, gaining 21% in the last week and around 64% in 2024.