Published: Sun, December 10, 2017
Business | By Max Garcia

Coinbase Takes No. 1 Spot on Apple's App Store

Coinbase Takes No. 1 Spot on Apple's App Store

The rise and rise of bitcoin has brought it into the mainstream in the last few weeks, but many observers are warning that the cryptocurrency could be a bubble.

Now, bitcoin may only appeal to someone willing to dive into the digital world of cryptocurrencies, or someone with a lot of disposable income, but that enthusiasm was strong enough to push Coinbase's app to the No. 1 spot on the free app chart for Apple's App Store on Thursday.

Coinbase, one of the best digital forms of money exchanges around the world, esteemed at $1.6 billion has obtained the best spot for free applications in Apple's USA application store out of the blue.

In a manic day of trading, Bitcoin prices raced to hit $17,000, around mid-day eastern time, after which it retreated to $15,000 and then climbed back again to $17,000.

The startup, which is now valued at $1.6 billion - though undoubtedly soon to be worth a whole lot more if current trends continue - had a rough day yesterday as the exchange buckled under the pressure of a particularly hefty day of trading. You will have a hard time believing it, in a month the application has beaten any semblance of Facebook, Snapchat, and Youtube in the US. Subsequently, Coinbase site was down for support for quite a long time.

Bitcoin soared above $US19,500 a coin on Coinbase's GDAX exchange on Thursday at about 11:30 a.m. ET, three hours after it blew past $US16,000. It started below $800 and has briefly touched $18,000 mark. NiceHash lost over $60 million worth of cryptocurrency in a recent hack attack.

Like this: