Bitcoin

Traffic to US Bitcoin exchanges is increasing as analysts say the flows indicate a new uptrend in BTC

Bitcoin (BTC) exchanges in the US are enjoying unprecedented popularity as a wave of adoption sweeps the market.

This is shown by data from the statistical sources Alexa and Similarweb Top Exchange Coinbase is now one of the 1,000 most popular websites in the world.

Coinbase among the top 400 US locations

With BTC / USD hovering around all-time highs, its surge to $ 42,000 in January appears to have sparked a tsunami of new users on some exchanges. of the most popular cryptocurrencies.

Traffic to US Bitcoin exchanges is increasing as analysts say the flows indicate a new uptrend in BTC
Traffic to US Bitcoin exchanges is increasing as analysts say the flows indicate a new uptrend in BTC

In the USA., the focus of institutional Bitcoin inflows in recent months, the Gemini, Kraken and Binance USA exchanges are part of the 10,000 best websites worldwide.

While Binance only outperforms Coinbase in terms of worldwide visits, the latter leads the way in the domestic market.386th US internet user. The data refer to December 2020 and The rush for cryptocurrencies earlier this year is likely to add further popularity to the exchange.

Despite widespread system failures and other technical problems, Phenomena that have plagued Coinbase over the years, its popularity clearly remains unchanged.

“”Coinbase had 1.3 million app downloads in January. That’s more than E-Trade, TD Ameritrade, Charles Schwab, Fidelity and Sofi … put together, “said the co-founder of Morgan Creek Digital on Tuesday. Anthony Pompliano.

Coinbase is currently the first crypto-specific finance app in the Apple App Storeand Binance and Binance USA They are also in the top ten.

The 10 most downloaded financial applications on the Apple App Store. Source: Similarweb

In a new hint that bad advertising isn’t as bad as it sounds, The retail app Robinhood also saw a huge spike in app downloads last week as both users and commentators complained about arbitrary restrictions on their promotions..

Payouts announce Bitcoin’s Rise Back

As Cointelegraph reported, Coinbase as a place of big purchases has become a useful indicator to gauge the market’s willingness to buy or sell.

This week there were big withdrawals from exchanges towards private walletsAn analyst suggested continuing long-term institutional purchases.

Withdrawals from Coinbase Pro against BTC / USD. Source: Ki Young Ju / CryptoQuant

“”The strongest bullish signal works“Ki Young Ju, CEO of online analytics resource CryptoQuant, continued with additional comments on Wednesday.

“$ 32,400 was the bottom and the price of BTC rose 13%. But as I said, the institutional buy is the strongest bullish signal that overrides all other bearish signals. I hope it goes up.”

BTC / USD is trading at around $ 36,000 at the time of going to press, up 4.8% the day after hitting highs of $ 36,820.

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