Analysts said that retail crypto metrics indicate the gains are still in their early innings. The firm views Coinbase as an “attractive way to play the growing crypto asset universe.”
“Retail crypto engagement is considerably lower than in prior years and despite the recent price gains, has been fairly muted. We have found that the best indicators for where crypto and COIN are in the cycle is based on a scale ranging from retail disinterest to euphoria. Today, retail interest is closer to disinterest,” the analysts wrote.
“Google Search Trends show ‘Crypto’ is currently at the same levels as July ’23 and ~50% lower than the ’22 avg,” they added. “Coinbase ranking in app stores is at #24 today for finance apps vs #28 in Sep ’23, #9 in Feb ’22, and #1 in Oct ’21.”
The analysts also noted that crypto website visits for October 2023 are lower than those in July 2023. However, they noted that Bitcoin dominance is near 2023 highs, indicating excess capital has not flowed into alt-coins, “which typically occurs in middle to late stages of the cycle.”
Source: Cryptocurrency - investing.com
