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Is this to say that trading is now more popular than social media?
In recent days, two trading apps have risen to the top of Apple’s App Store.
At the time of publication on Friday, Robinhood was ranked first, with Coinbase ranking second. TikTok, a popular social media platform, came in third place. YouTube, Instagram, and Snapchat are ranked fourth, fifth, and sixth, respectively.
One possible conclusion is that folks are now more interested in swapping crypto and financial assets than they are in interacting on various social media platforms — a conclusion noted by CNBC in an article on Friday.
When the company halted purchases of GameStop stock in January, Robinhood received a lot of attention. The decision was made after the asset’s price increased in tandem with activity on the Reddit subreddit r/Wallstreetbets.
Coinbase, the second-place app, has also made headlines this year, particularly in recent weeks in anticipation of its direct stock listing. On Wednesday, the stock, which trades under the ticker COIN, was listed on Nasdaq.
After both crypto and stocks crashed in March 2020, they largely entered the retail spotlight. Following the event, both markets recovered, with the crypto markets reaching new all-time highs. Since then, the price of bitcoin has more than tripled from its all-time high in 2017.