Coinbase shoots to the top of Apple's App Store charts
Recent cryptocurrency rally is good news for CoinbaseBy Shawn Knight
Coinbase, the popular wallet app that facilities the usage of cryptocurrencies like Bitcoin, Litecoin and Ethereum, has skyrocketed up the iOS app charts this week.
As Recode recounts, the app was ranked around 400th on the free charts just one month ago. That was before the recent Bitcoin rally, however, which sent values soaring this week. As of writing, a single Bitcoin is worth just over $15,000 but briefly touched $18,000 on some exchanges within the past 24 hours.
Needless to say, people want in on the action.
According to data from App Annie, Coinbase was the most-downloaded iPhone app in the US as of December 7.
The influx of Coinbase users has caused some headaches for the company. As TechCrunch notes, the service was unavailable for some users on Thursday as it struggled to keep pace with massive spikes in usage. The site was "down for maintenance" for much of the day, no doubt frustrating users (especially longtime users now having to deal with all the newcomers).
Bitcoin isn't the only cryptocurrency to enjoy a recent surge in value. Litecoin on Friday spiked more than 30 percent and currently sits around $123 per after flirting with the $100 barrier for a week or so. Ethereum, meanwhile, is valued at nearly $470 and has been riding a wave ever since mid-November.
Needless to say, it's a great time to be sitting on cryptocurrency investments although as with any roller coaster, just be mindful of when you jump off.