Coinbase App Store rank as a market top indicator - page 2.

Yamane_Keto

hero member

Activity: 406

Merit: 443

To call an indicator reliable, I think we have to subject this observation to many tests, as the dates you mentioned are biased, and if they give an indicator, they are an indicator of the desire of buying bitcoin, which is a strong indicator of selling.
If Coinbase announces that it will launch an airdrop or that it will give everyone who downloads the application $10, I expect that there will be millions of downloads without these downloads affecting the price of Bitcoin.

This is a chart of app downloads for about two years, and it is far from being similar to Bitcoin's chart.

Don Pedro Dinero

legendary

Activity: 1358

Merit: 1565

The first decentralized crypto betting platform

Indicators like that serve as a reference until they stop working. Just because it has happened twice does not mean that it will happen indefinitely in the future. There will be a time when for people having the Coinbase app will be like having a bank app on their phone, and they won't need to download it. Maybe it will even come installed by default in the future when you buy a new phone.

So I give it limited importance as an indicator.

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

Great find. Definitely a good indicator to estimate who is on the buying side and who is selling. The only question is whether it will still be effective in 2023 after you can now use Robinhood and Revolut for crypto purchases, but definitely when Coinbase is in the top 5, it is worth looking for profit taking levels. Thanks for a new good bull market top indicator next to google trends, spam of newbie threads on bitcointak "what coin to buy below 1$" and jim cramer screaming "buy buy buy".

Do you have access to historical coinbase ranking data in the app store? where do you check it?

adaseb

legendary

Activity: 3808

Merit: 1723

So one reliable indicator is when the Coinbase app is #1 downloaded app on the App Store.

It has very reliability predicted pretty much the 2 tops in 2021 and the top in 2017.

So on Dec 8th 2017, Coinbase app was #1 on the App Store, about a week before bitcoin topped.
In early May 2021, it topped #1 and Bitcoin already topped $65K about 2 weeks prior.

Then in late October 2021, it became #1 and basically 2 weeks later Bitcoin topped.

It follows the consensus that when too many retail pile into Bitcoin, it means the smart money is getting out.

Currently Coinbase is ranked as 20 in the Finance category but it’s gaining rank, very rapidly. Something to watch out for.

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