Coinbase’s Popularity Falls As Bearish Trend Continue To Dominate Crypto Market

Coinbase’s popularity is dwindling down as the bear market continuously imposes its will on the crypto industry. Coinbase has been ranked as number one in Playstore during December 2017 but has now fallen to 40th place, BTC Manager reported.

The San Francisco-based crypto exchange’s popularity is closely tied to Bitcoin. And with Bitcoin now falling from its December 2017 $19,000 value to $6,225 as of this writing, there’s no denying that Bitcoin has a lot of influence when it comes to the reputation of the company.

Of course, Coinbase realizes this fact and has since tried to diversify the services it offers lest it completely dies out. Among the major maneuvers it recently made was the launching of Coinbase Custody, a service offering secure storage for digital assets with a minimum deposit of $10 million worth of crypto credits.

The waning popularity of Coinbase is an indication that most investors are only interested in trading and quick profits rather than the underlying technology behind the crypto industry. Indeed, Joyce Kim, co-founder of the $3.5 billion blockchain network Stellar, said that 99 percent of investors are simply in it to make money but aren’t paying attention to the driving technology behind the innovation.

“Just about five years, the blockchain industry had more people interested in the technology rather than profits. However, now, 99 percent of the investors that are involved in the blockchain sector are in it for the money,” Kim said. She added that while making money is important, this profit-first perspective is detrimental in the development of the crypto market.

Despite this fact, however, Coinbase is still profiting. In April 2018, the company had been valued at $8 billion from its $1.6 billion figure last year. Moreover, institutional investors are apparently drawn toward the company’s services with Custody accounting $20 billion since its inception. And with Coinbase expanding its headquarters in regions like Portland and Japan, the outlook for the company is definitely on the positive side even with the crypto market still seeing a bearish trend.