In a week, the number of people downloading Coinbase was twice as much as Instagram

Last month's bitcoin prices surged, attracting more and more investors to participate in the virtual money market.

Many of them chose to use Coinbase, a simple, easy-to-use application for exchanging dollars for bitcoin. Coinbase quickly climbed to the top of the free apps loaded on the App Store rankings in the US, although it leveled off on December 8.

A recent report from Sensor Tower, an application analysis company, shows the number of people downloading Coinbase on iPhones and iPads. Within a week when the price of Bitcoin increased, Coinbase had 700,000 new downloads and installations.

Compare Coinbase, Instagram and Snapchat downloads on the App Store in the US

Accordingly, the number of downloads and installments of Coinbase is double that of popular apps like Instagram or Snapchat. Then the Coinbase load decreases again.

However, this is also an impressive performance of the application is only ranked 300th in the US App Store.

If bitcoin prices rise, then Coinbase downloads and other e-wallet applications will probably increase.

Graph of correlation between bitcoin prices and downloads of bitcoin e-wallet applications

See more:

1. Why is the price of bitcoin so high?
2. How to dig bitcoin without wasting electricity
3. The journey halfway around the world finds back 200,000 dollars bitcoin