- The crypto world is always on the lookout for market top signals
- The Coinbase app always seems to hit the top of the App Store charts around the cycle peak
- Is there any truth to this anecdotal suggestion?
The crypto world is always looking for top signals, from the Pi Cycle Indicator to shitcoins going 1,000x, but rarely are there any that are solid bets. Often it is a case of taking many together to give an overall impression. One of these is the Coinbase app topping the Apple App Store charts, something that anecdotally always seems to happen around the time of a market top. But is there any truth in this? Let’s look at the data.
FullyCrypto Runs the Numbers
The Coinbase app first topped the Apple App Store charts on December 8, 2017, nine days before Bitcoin topped out at $19,650. It hit number two on April 16, 2021, two days after Bitcoin hit $65,000, which proved to be the top of the early 2021 rally, and actually regained the number 1 spot on May 11, while it was on the way down.
How about the late 2021 rally, which saw Bitcoin top out at $69,000 on November 10? Again, Coinbase became the top App Store app, hitting number one spot on October 28, just 13 days before the top.
Coinbase App Matches Perfectly With Cycle Tops
To review then, the Coinbase app has topped the Apple App Store three times in its history – nine days before the top in 2017, 21 days after the top in early 2021 (although it hit second just two days before the top), and 13 days before the late 2021 top.
It’s clear that this isn’t just a coincidence – the top of the cycle is where new entrants pile in, and Coinbase has long been the app of choice for new entrants, so this is a great indicator of a market top, backed up with data and rationale. When the Coinbase app hits the top 3 then, it’s time to think about packing up and going home.