The appetite for cryptocurrencies may approach another level of unbridled enthusiasm, at least by measuring the best apps downloaded in the Apple App Store.
Coinbase Global BTCUSD, the number one cryptocurrency exchange in the US
It was in first place, finally checking out the Apple platform, but in third place, behind the popular social media app TikTok, was the competing crypto platform Crypto.com.
Crypto.com is ranked #20 among the best global cryptocurrency exchanges, according to data site CoinMarketCap.com, but it has been gaining good traction on the Apple platform. Coinbase, which went public in April, has enjoyed an almost unrivaled interest in the crypto arena, at least from a marketing point of view, with its highly publicized spring listing on Nasdaq Inc. NDAQ,
However, in recent times, rivalries have escalated, including FTX, co-founded by Sam Bankman-Fried and Crypto.com. The latter recently signed with Academy Award-winning actor Matt Damon to become the face of the franchise in an effort to lure investors into digital assets, Bloomberg reports. The business website wrote that Crypto.com will spend about $100 million on a global campaign.
Meanwhile, FTX recently brought in baseball legend David Ortiz, aka Big Papi, to join Tom Brady and other notables promoting the benefits of that crypto platform.
These moves come as BTCUSD prices,
Despite the volatility, it has been gaining new life in recent weeks, touching new records around the $66,000 coin before spending cut back.
Euphoria about digital assets like Bitcoin and the second most valuable coin, Ether ETHUSD,
On the Ethereum blockchain, the asset is fueled by social media interest that has seen skyrocketing in value, drawing more interest from investors eager to get-rich-quick from the parabolic hops.
Shiba Inu, for example, became Google’s third most popular cryptocurrency in 2021, according to a study, with the origin of the meme created in July in the spirit of competing meme dogecoin DOGEUSD,
It has jumped nearly 400,000 percent since March.
These are staggering numbers that are likely to attract more interest in the sector from casual investors who may not be familiar with the huge volatility of cryptocurrencies, compared to the assets that can be found in the Dow Jones Industrial Average,
or the S&P 500 SPX Index,
or even gold.
Digital assets gained more mainstream interest after the adoption and trading of the first US exchange-traded fund linked to bitcoin. ProShares Bitcoin ETF BITO Strategy,
It was launched last week, and has attracted more than $1 billion in assets.