Adding 5 million users in 10 months, the increase in new Coinbase users indicates that the bull market is back.

According to reports, San Francisco-based cryptocurrency exchange Coinbase has added 5 million users in the past 10 months.

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The largest cryptocurrency trading portal in the United States details its advantages in a single document. The report shows that as of the end of September 2018, the company had 25 million customers. This figure rose sharply in 2019, and it also witnessed the rise in bitcoin prices. As of July 2019, the trading platform of the US exchange has attracted about 30 million users.

“Coinbase has more than 30 million users this month (adding 5 million users in the past 10 months) – Alistair Milne (@alistairmilne) July 22, 2019”

During this time, Coinbase also experienced a series of significant internal developments. In May 2019, the exchange announced that it had expanded its currency trading business in more than 100 countries. At the same time in 2018, Coinbase was only used in 32 states.

The platform also launched new cryptocurrencies, including EOS, XRP and other competing currencies in the same period, bringing more communities to the Coinbase ecosystem. The company is even shaking hands with regulators in countries that are expanding or planning to expand.

The link between the bull market and Coinbase

Historically, the number of registered users of Coinbase has been strikingly linked to the bitcoin bull market. Statistics show that users who joined Coinbase during the price increase were more than during the down period. For example, between November 2017 and March 2018, the US exchange added 7.3 million customers. At that time, the price of Bitcoin soared from $8795 to $19891, then fell to $5,873, and triggered a rise in the competition.

In the current situation, the price of Bitcoin has risen by 180% so far this year, from $3,651 to $10,345. At the same time, Coinbase's customer base is growing, which means more people are willing to interact with the cryptocurrency market.

However, the Google trend shows an indifferent picture. Internet users searching for the keyword "Coinbase" were significantly reduced in 2019 compared to the 2017 bull market.

The huge difference between the current and current trends may be due to the tendency of users to use non-US cryptocurrency exchanges. US President Donald Trump, Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin publish cryptographic currency after negative comments on Bitcoin Lack of a clear framework, which may further slow down Coinbase's new user registration process.

But in general, the increase in the number of users proves that more users are interested in trying to encrypt currencies. Facebook has entered the field of cryptocurrencies, further enhancing the popularity of Bitcoin in the public, and mainstream newspapers and TV media are more concerned about Bitcoin than ever before.