Kara Lee · December 2024
MMM: 3Q24 Bitcoin Surges Past $100k in Post-Election Rally
Though Coinbase reported lackluster revenue performance during its 3Q24 earnings report, the app has seen a fury of new activity post-election, as global DAUs and downloads have skyrocketed, up 45% and 290% MoM in Nov’24. As the price of bitcoin soared past $100k, Coinbase and Crypto.com saw commensurate DAU and download growth.
Key Takeaways:
The day after the election, US DAUs across the top crypto apps climbed 38% DoD and 24% globally, driven by Crypto.com and Coinbase, whose US DAUs jumped ~75% DoD, the highest amongst the cohort (ex-KuCoin). The strong performance of the two crypto apps could be indicative of the app’s higher percentage of US-based users, as 55% and 36% of DAUs for Coinbase and Crypto.com stem from the US
As of Nov’24, Coinbase not only saw its global MAUs grow, up 45% MoM, but its global downloads exploded, up 290% MoM while the stock climbed 31% as a response to the upcoming administration. Mobile app user time spent also increased, up 60% MoM for Coinbase, indicating that investor confidence may be driving app engagement amidst the bitcoin price rally
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Written by: Kara Lee, Brand & Digital Advertising Analyst
Date: December 2024