Alistair Milne Documents Coinbase Exchange’s Slowed Growth Rates in 2018
Alistair Milne Shows Coinbase Slowed Down its Growth Rates
The recognized cryptocurrency investor and entrepreneur Alistair Milne, wrote a Tweet in which he shows the latest data about Coinbase’s growth. Coinbase is one of the most important companies in the cryptocurrency world and it provides services to over 25 million users all over the world.
Coinbase Growth Update:
– added ~5million users in the last 6 months, now have 25mil
– average of ~25,000 users/day is comparable to mid-2017
Data here: https://t.co/R9B63J2d6Q#bitcoin pic.twitter.com/MITLacwC5L
— Alistair Milne (@alistairmilne) October 3, 2018
According to this data, in the last 6 months, Coinbase has registered an increase in the number of new users. From March 14, 2018, until September 27, 2018, the company has added 5 million new users. Now it is offering services to 25 million users.
In this period, the number of new users registered per day was 25380.71. This number is very important since it shows that the platform is receiving fewer users than in October and September 2017.
There are some interesting points to mark with these numbers provided by Alistair Milne. The number of users is currently larger than the total Bitcoin supply, capped at 21 million BTC. Supposing that all Coinbase users are active and real, that would mean that they would not be able to purchase a whole Bitcoin if they’d like to do it.
Of course, several Twitter users have marked that not all of them are active and not all of these accounts are real. However, the growth experienced during the last year was impressive. At the end of November 2017, the exchange was receiving over 100,000 new users per day. The same happened on November 2nd and 7th.
This growth was clearly linked to the price surge that Bitcoin had at the end of the last year. In December 2017, Bitcoin reached an impressive $20,000 dollars. However, the price of the famous virtual currency experienced an important drop and now it is being traded close to $6,300 dollars.
In the next months, if the number of users continues to grow at the same rate as during the last months, Coinbase could reach 30,000,000 users in the next 6 months. However, everything is possible in the virtual currency world. Volatility is one of the main characteristics of the market, and a bull run could start in the coming months if a Bitcoin ETF is approved.