Bitcoin value is rising faster than anyone expected, and the recent boom is unprecedented. The cryptocurrency has had its share of fluctuations, but recently it’s smashed records at well over $10000 per coin. This unexpected surge in pricing has prompted a huge amount of downloads for bitcoin app Coinbase, making it the number one most popular app in the Apple App Store.
The Rise of Bitcoin
The soar of bitcoin prices comes just a few weeks after a major crash that shook investor confidence. The market is currently incredibly volatile, so there’s definitely a possibility that this boom won’t last, but there’s some exciting news that may suggest that the currency could avoid these major crashes.
Major US exchanges Cboe Global Markets and rival CME Group are in the process of starting bitcoin futures contracts. This addition will make it possible for investors to bet on the future prices of the cryptocurrency. It also has the added effect of making bitcoin look like a legitimate opportunity to the experienced investor.
David Einhorn's Greenlight Capital returned -2.9% in the second quarter of 2021 compared to 8.5% for the S&P 500. According to a copy of the fund's letter, which ValueWalk has reviewed, longs contributed 5.2% in the quarter while short positions detracted 4.6%. Q2 2021 hedge fund letters, conferences and more Macro positions detracted 3.3% from Read More
A lot of the appeal behind bitcoin has been the story behind it and how unprecedented this newcomer to the investment scene actually is. What started as a project in the tech community with little-to-no profit, has since boomed in the past few years to one of the strongest currencies on the market. It’s more easily accessible, and at least a little bit more understandable to the average joe when compared to traditional investments. But it has largely been met with uncertainty when it comes to investment pros.
While some label bitcoin as a massive ponzi scheme and others praise it as the future of modern investments, there’s one thing that’s certain: bitcoin has made a massive impression on the financial markets. Whether it will lead the charge into the future of investment or burn and fizzle out remains to be seen, but for the first time, investing is accessible to most everyone. With a few dollars and a little bit of research, you can see your profits rise and fall, and there’s a bitcoin app that makes the process even easier.
The Coinbase Bitcoin App
Coinbase, a smartphone app that allows an account holder to buy and store digital currencies, has quickly climbed through the App store ranks. It always has had a decently large following, being previously ranked around 400 in a store with thousands and thousands of apps. However, in an environment where the top apps are usually some sort of social media or popular games, it’s astounding to see a virtual currency app take the top spot.
As mentioned above, over the last seven days, the value of bitcoin has been climbing extremely quickly. Investor estimates a few days ago had suggested it would stop this meteoric rise around $15000 per coin, but the popular currency has even topped $18000 at one point. The news is filled with stories about bitcoin, and even those outside of the investment community are starting to take note. This increase and exposure combined with a climb that shows no sign of slowing down has led to a bitcoin app unexpectedly topping the charts.
The top spots of the App Store are usually taken by major players like Instagram, Facebook, and WhatsApp. The most profitable app is usually some sort of mobile game that prioritizes in-app purchases. The great success of Coinbase has the potential to unseat leaders in both categories, provided that this rapid growth in the cryptocurrency world continues.
Trouble In Paradise
As popular as Coinbase has become, it’s important to keep in mind that it’s very easy for a bitcoin app to quickly fall into obscurity
With the huge increase in demand for their services, Coinbase has had issues recently keeping up with the demand placed on their servers. Temporarily, they have suspended trading of Bitcoin, Litecoin, and Ethereum over the last few days. Hopefully the team behind this bitcoin app will be able to quickly address the server issues and open back up to take advantage of this — likely temporary — number one App Store spot.
While these issues are definitely affecting Coinbase’ bottom line, they pale into comparison to the recent fiasco that recently occured with Slovenian company NiceHash. As a competitor to Coinbase, they were also a major player in the bitcoin app scene. However, a recent hack of the marketplace led to a lost of approximately 4700 bitcoins — roughly $64 million at current prices. It’s extremely unfortunate and has shaken the confidence of app users, but as for the investment community at large, this huge hack is just a blip on the upward climb of this virtual currency.
Coinbase needs to quickly iron out their issues in order to take advantage of this recent boom in business. With the rise in bitcoin value comes a rise in overall popularity, and this bitcoin app needs to meet the needs of a rapidly expanding customer base if they’d like to retain that top App Store spot.