Coinbase's U.S. App Store Downloads Doubled Snapchat and Instagram in the Past Week

The stratospheric growth of Bitcoin has minted multitudinous millionaires and been a boon for cryptocurrency apps, most notably Coinbase. This week, the app shot to the top of Apple's U.S. App Store as seasoned and would-be investors sought to cash on the craze. In the process, they drove more than 700,000 new installs of the app in the past week on iOS alone. Sensor Tower Store Intelligence shows that this surge in user growth led Coinbase to surpass stalwarts of the store such as YouTube, Netflix, Google Maps, and Spotify, and double the downloads of Snapchat and Instagram, two of the most heavily downloaded apps on Apple's platform the United States.

Coinbase has since dropped from the top spot on the U.S. App Store, but, as the App Intelligence ranking history chart below shows, it spent three of the past seven days atop the platform, having ranked outside the top 50 apps at the beginning of this month, and below No. 300 in mid-November.

As of this writing, Coinbase is ranked No. 11 overall. However, as recent history shows, this could change in an instant — along with so many investors' fortunes — should Bitcoin, or one of its contemporary cryptocurrencies supported by the platform, once again go ballistic. We'll continue to track this fast-growing app category to deliver our latest insights here and on our regularly updated Twitter feed.