The first six months of this year haven’t been the best for the cryptocurrency market. Collectively, the market fell by a whopping 70%. This decline in the market has seen Coinbase, one of the leading exchanges in the world experience a correlating drop in popularity.
The market is always designed in such a way that people tend to follow with money. The market has seen a big drop in liquidity since the start of this year.
Coinbase App Is Less Desirable
There is always growing interest in Bitcoin whenever the prices of cryptocurrencies go down. This is because consumers are able to invest at very affordable rates. Currently, there is little hope price recovery in the course of the year.
Coinbase seem to be paying heavily for the dropping bitcoin market. One of the leading trading platforms in the world has been recording a drop in its mobile app downloads. The situation is grievous to an extent that the app downloads have hit an all-time low since last year.
The current drop is the opposed of the situation at the same time last year. Coinbase was recording huge numbers in downloads on Apple and Google Play app stores. At the end of 2017, the Coinbase app was among the most downloaded in the whole Apple ecosystem.
Coinbase is paying the cost
Bitcoin prices started dropping in January and things started looking grim for Coinbase. Its app fell from number one to forty on the U.S Finance charts.
According to website statistics by the SimilarWeb service, the company’s online platform also experienced a similar drop in demand. Coinbase’s webpage fell from 126 million at the start of this year to 28 million as of June. This is an almost 80% drop. The situation was even worse for GDAX, the exchange’s main trading platform as it recorded even steeper decline in popularity. The platform lost 5% more visits compared to the previous version. However, the decline is not unique to Coinbase. Other leading exchanges like Huobi and Binance also experienced correlated drops in web traffic. The level of drop was however more pronounced in the case of Coinbase.