Growing Momentum in Cryptocurrency Market

The growing momentum in the cryptocurrency market is evident as Bitcoin approaches the $90,000 mark. This is reflected in the Coinbase (NASDAQ:COIN) app's recent rise into the top 70 of the App Store's global rankings.

Historically, Coinbase's app popularity correlates with Bitcoin's performance; when BTC rises, both new and returning investors often download the app to profit from the rally.

The increase in App Store rankings indicates growing consumer interest, a critical factor in long-term cryptocurrency rallies. As Bitcoin appreciates, more individuals tend to buy in or increase their holdings, leading to higher downloads for popular trading apps like Coinbase.

In previous cycles, Coinbase has even reached the top 10 during market peaks, signifying that retail investor excitement tends to surge as Bitcoin approaches its all-time highs.

Currently, Bitcoin demonstrates impressive strength. Trading volume has surged since breaking out of a prolonged downward channel. Major support levels remain intact, making the $90,000 target increasingly feasible.

In a robust bull market, technical indicators such as the RSI may signal overbought conditions, but this doesn't imply an imminent market reversal. Instead, it highlights escalating demand.

Coinbase's rise in app rankings suggests a potential increase in public interest, which could further boost market expansion. Significant price spikes may occur due to retail interest, especially if paired with high buying volume and sustained institutional interest.

This article was originally published on U.Today