Bitcoin Is The Most Popular Crypto On Coinbase But Not With The Longest HODLing Period
- Bitcoin, the most popular crypto-asset on Coinbase followed by Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH)
- Litecoin tops with the highest holding period while XRP, XLM, and EOS as the lowest
- The leading cryptocurrency is the most popular digital currency on the cryptocurrency exchange, according to the new Coinbase Popularity stats.
Coinbase has a limited number of cryptocurrencies listed on its platform, though lately, it has started adding more crypto assets. The top four most popular cryptos are the oldest ones that have been listed on the exchange for over a year now unlike other cryptos.
The third largest cryptocurrency XRP is one such latest addition that is the fifth most popular digital currency on the US-based exchange. Stellar (XLM) and 0x (ZRX), BAT, ETC, EOS, ZEC, LINK, DAI, and USDC can be further spotted on the list in this order.
Litecoin Tops While XLM And XRP Has The Lowest Holding Period
When it comes to the crypto asset that has the longest HODL period, it’s not Bitcoin.
The flagship cryptocurrency’s median holding time is 85 days, at the fifth spot, which could be due to its volatility. It is also the crypto asset that has the highest value, currently trading at $10,700.
According to the Typical Hold Time stats, Litecoin is at the top of this list with 119 days. Interestingly, Litecoin has already pumped 229 percent YTD and LTC reward halving is just around the corner, 15 days away to be exact, that will cut down its supply.
Historically, reward halving has been a bullish event for the Bitcoin price.
Litecoin is followed by 0x (ZRX), Ethereum, and Ethereum Classic whose holding periods are 108, 101, and 99 days respectively.
EOS with 6 days, XLM 19 days and XRP with 33 days have the least number of holding days that could be attributed to their poor performance this year.
XLM and XRP have registered negative YTD returns, being the only ones among the top 40 coins in the loss in 2019.
However, stablecoins have much lower holding period, while DAI has 1 day, USDC has been held only for 4 days. This could be because stablecoins are used for mostly arbitrage on a fiat exchange. Also to transfer funds to other exchanges and to use DeFi.
As economist and trader Alex Kruger puts it, “Why hold stable coins in Coinbase when one can hold fiat, which is FDIC insured.”