Crypto on a Bullish Rise? Coinbase Successfully Gains 5 Million More Users in the Past 10 Months
Having already gained a reputation as the world's largest cryptocurrency trading platform and portal, Coinbase had managed to report a pretty impressive upside to its performance this quarter.
According to the team's published paper, it had successfully managed to accrue more than 25 million customers by the end of September 2018. While we've seen some reversals in the crypto world right now, these numbers managed to rise sharply over 2019, interestingly during the same window of time when Bitcoin's value managed to significantly increase.
For example, as of July 2019, the San Francisco based crypto exchange had successfully brought in more than 30 million users to its platform overall.
Alistair Milne (@AlistairMilne)
‘Coinbase has passed 30 million users this month (adding 5 million users in the last – 10 months #Bitcoin'
Over this same period of time, Coinbase managed to go through a string of major developments to its series of platforms. Over the course of May 2019, the exchange itself announced that it would be officially expanding its overall crypto to crypto trading operations to more than 100 countries.
Comparing this directly with its exposure over the same month last year, and Coinbase was only available in 32 states within the USA.
Over this same span of time, the platform had also successfully listed a new number of cryptocurrencies. These include EOS, XRP, along with a number of other altcoins in quick succession, bringing many more communities and interested investors to the platform as a result.
One of the biggest concerns that arise on the subject of crypto exchanges, Coinbase has seen a comparably low number of hacks, especially when compared to some of the issues faced with one of the world's foremost cryptocurrency exchanges – Binance.
The company has also been shaking hands with a number of regulators in the countries in which it plans to expand into or is in the process of expanding to.
Coinbase and the Bullish Trend – A Correlation?
When we talk about there being some kind of theoretical correlation between the bullish uptrend from the cryptocurrency world and Bitcoin, that's something that is far more real than fictional.
The number of signups that Coinbase enjoys shares a pretty impressive connection with Bitcoin and its bullish uptrend. Previous statistics have shown that more users joined the digital exchange during periods of time when Bitcoin enjoys a bullish trend compared to downslides.
An example of this that we’ve seen comes from between November 2017 and March 2018. When the United States Exchange added a further 7.3 million customers to its system. It was at this same time that Bitcoin saw its price rally and skyrocketed from $8,795 to a staggering peak of more than $19,891, before being dumped down to $5,873, triggering an altcoin rally.
During the current scenario that Bitcoin is undergoing, its price managed to jump by more than 180 percent YRD – managing to surge upward from $3,651 to more than $10,345 by the time of publication. This surge coincides with the growth in the total clientele that Coinbase held, meaning that there were far more people that were willing to interact and get involved with the cryptocurrency market.
Is this bullish trend something that's carried on throughout this year, the same is not necessarily true, especially where it relates to Google. The online search engine demonstrates an otherwise apathetic picture – with internet users searching the phrase ‘Coinbase' at a much lower level over the course of this year compared with the same during the bullish run of 2017.
There is a pretty significant gulf that exists between the trend during 2017 and now. And this could very well be due to the user base's inclination towards cryptocurrency exchanges in the United States and those operating outside America.
The negative trend wasn't helped by the fact that there is, as yet, no clear framework for these cryptocurrencies and exchanges, and further compounded by the negative remarks provided both by President Trump, and Secretary of the Treasury, Steve Mnuchin.
These kinds of remarks could have contributed towards a further slow down in the performance of Bitcoin, and the number of signups at Coinbase.
All in all, however, this upside demonstrates that more users are intrigued by, and willing to try out cryptocurrencies. The entry of Facebook as the latest in the arena of cryptocurrencies has effectively supported the furthering of people's exposure to Bitcoin among the general population, with major news outlets and mainstream newspapers providing a whole lot more attention to the crypto than ever before.