Another Bitcoin bullish rally? US Bitcoin exchange traffic sees surge

us-bitcoin

The old adage of any publicity being good enough seems to be proven once more as Coinbase stays in the most popular 500 sites in the States and people just keep jumping on the bandwagon.

BTC exchanges in the US are experiencing fantastic demand as cryptos see a surge in adoptions in the marketplace.

Alexa and Similarweb reveled stats that showed Coinbase sitting among the most popular global sites.

Coinbase in the top 400 in the States

As BTCUSD climbs to record levels, its surge to $42,000 in January seems to have incurred a wave of novel customer engagement with some of the most frequented crypto trading sites.

In the States, the focus point of institutional inflows to Bitcoin in recent months, Gemini, Kraken and Binance U.S. exchanges are all part of the most popular 10,000 websites worldwide.

While Binance has just beaten Coinbase when it comes to global visits, Coinbase is at the top of its domestic marketplace, sitting as the 386th among web users in the States. The data is related to December 2020, with this current cryptocurrency surge probable to increase the popularity of exchanges.

Even with widely reported system failures and other tech issues — a phenomenon that has poised as a problem for Coinbase over the years — its popularity stays unchanged.

Coinbase had 1.3 million application downloads in the first month of 2021. That’s more than E-trade, TD Ameritrade, Charles Schwab, Fidelity, and Sofi had together!

Coinbase is currently ranked as the best cryptocurrency application on the Apple App Store, with Binance and Binance also sitting in the top 10.

Top 10 most popular finance applications in the Application Store.

Robinhood actually saw a jump in their download numbers last week, even though people complained about the shocking restrictions on trading certain stocks in the wake of the GameStop scandal. Another instance of any marketing being good marketing.

Withdrawals signal return to BTC upside downs

Coinbase turned into a good sign-giver for forecasting marketplace trends for purchasing and selling, since it is a place for large purchases.

This week had lots of withdrawals to private wallets. This is probably another sign of institutions purchasing for the long run.

Coinbase Pro outflows versus BTCUSD.

The most robust bullish signal is working, according to chief executive officer of CryptoQuant Ki Young Ju. He reminded that 32.400 was the bottom and the price of Bitcoin rose by over 13 percent. But, as he stated, institutional purchase is the most robust bull signal that outperforms the bearish ones.

BTCUSD is trading at approximately USD 36k as this is being written, up 4.8 percent on the day after arriving to USD 36,820.