Bitcoin trading prices recently reached a new all-time high, settling above 7,400 dollars. This phenomenal price growth is a clear sign of how far the cryptocurrency industry has come along from the time when it’s founder Satoshi Nakamoto, revealed the bitcoins open source software to the masses almost 10 years. The bitcoin price popping off led to a bunch of new users flooding exchanges like Coinbase in an attempt to buy some bitcoins.
Coinbase and its wild 24 hour growth.
Alistair Milne, portfolio manager of the Altana Digital Currency Fund released data showing that in just 24 hours, 100,000 new users joined Coinbase. Most likely out of fear that the bitcoin price would go even higher, and a chance to get in while it’s not too late.
It’s interesting to note that the bitcoin price has increased by over 7 times in the last year while the number of users on Coinbase has doubled. Considering the amount of competition that Coinbase faces in the crypto exchange sector, this kind of growth is incredible.
The platform’s success can also likely stem from recent news coming from the Chicago Mercantile Exchange. The CME announced that they would integrate bitcoin into their provided services by the end of 2017. Such a move by the CME provides late adopters with more trust in the bitcoin, as well as more liquidity. New crypto enthusiasts may not know this, but there is a limited supply of bitcoins that will be available to the world, the total cap is at 21 million. Therefore, news from an established and regulated organization like the CME will definitely cause the price to go up and exchanges to become more popular.
Coinbase is improving along with the industry.
Accompanied by the platform’s growth, good news concerning service updates and improvements are consistently coming. Users living abroad, and in countries that are supported by the platform, will soon be able to instantly purchase bitcoins, ethereum, and litecoins as long as they have a registered and verifiable U.S.A bank account in their name.
Additionally, it’s no secret that Coinbases customer support services leave much to be desired. Personally, I once had to wait two weeks for a response to why I was having issues switching out a lost phone number for a new one on my account so that I could access it. In my opinion, that’s too long of a window. Especially considering how volatile the industry is. That’s why it’s always better to keep your digital assets on a secure wallet off of exchanges. But, Coinbase did recently implement phone-call support.
Hopefully, the platform will continue to develop along with the new industry and digital assets will become more accessible on a worldwide scale