Coinbase is the leading bitcoin wallet app used for buying, selling, transferring, and storing digital currency. Despite only a month ago the app took the 400th place in the App stores, now it has reached the first position overtaking Instagram, Snapchat and YouTube.
The reason for such a boom is, of course, the price of Bitcoin, which has reached $18,000 with the value growth doesn’t seem to slow down.
According to the data from SensorTower, only last month there has been a tremendous increase in downloading these kinds of bitcoin wallets. They have been downloaded more than four million times. Apparently, it shows year-over-year-growth of approximately 800 percent since November 2016.
Obviously, the number of installs of digital currency wallet apps from the App Store and Google Play has a close relation to the increasing value of Bitcoin. Only this year the quantity of downloads has surpassed 11.8 million, and 70 percent of all the downloads started at the beginning of 2017 as well.
However, this surge in downloads has caused several inconveniences for Coinbase company. According to TechCrunch, the platform was inaccessible on Thursday, December 7, 2017. It happened due to the huge spike in its usage. Almost the whole day the site was “down for maintenance”. Undoubtedly, it was truly discouraging for users, especially longtime ones.
It’s important to mention, that this outbreak in downloads happened not only due to the rise of Bitcoin. Other digital currencies has also experienced an increase, according to the CoinMarketCap. For instance, Litecoin is now around $330, which means that it has jumped more than 5500 percent since the start of the year. Ethereum has been on the go since mid-November and now costs approximately $637.
As long as there’s so much fuss about the crypto currency, more and more wallet apps are appearing. They become rivals at this digital market competing to reach the top on both Apple’s App Store and Google Play.