Cardano Beats Bitcoin and Ethereum as the Most HODL’d Crypto Asset on eToro in Q2 2021

Increasing demand is seen for lower-priced coins as retail looks for cheaper alternatives with staking rewards allowing investors to reap the rewards for holding them long-term, further driving demand.

Cardano, a popular coin among retail in 2021, remains the most held crypto by eToro US clients in Q2. It actually saw a 67% increase over Q1.

ADA beats the top cryptocurrencies like Bitcoin (BTC), which had a 42% increase in demand but still slipped from its first place, and Ethereum (ETH) and popular meme coins like Dogecoin which have the backing of Tesla CEO Elon Musk. ADA -1.48% Cardano / USD ADAUSD $ 1.27
Volume 1.56 b Change -$0.02 Open $1.27 Circulating 32.07 b Market Cap 40.62 b
3 d Bitcoin and Ether Rallies to Confirm Double-Bottom Pattern, Those Sitting on Sidelines in Stablecoins to Take Them Higher 1 w Bitcoin Retesting the Lower-End of Range, OI Still Continues to Soar While GBTC Unlocks Now Behind Us 1 w Cardano Launches Latest Version Of Alonzo Testnet, Dubbed Alonzo White
BTC -3.88% Bitcoin / USD BTCUSD $ 38,824.29
Volume 26.84 b Change -$1,506.38 Open $38,824.29 Circulating 18.77 m Market Cap 728.77 b
15 h “Innovative New Products” like Bitcoin Mini-Futures Leads to an Increase in CME Profits 16 h Crypto Lender BlockFi Sees Stay Of Execution In Ongoing BIA Saga 18 h Altcoins, Not Bitcoin, Drives the Latest 'Massive' Surge in Crypto Adoption: Report
ETH 1.38% Ethereum / USD ETHUSD $ 2,350.63
Volume 18.82 b Change $32.44 Open $2,350.63 Circulating 116.9 m Market Cap 274.79 b
18 h Altcoins, Not Bitcoin, Drives the Latest 'Massive' Surge in Crypto Adoption: Report 19 h Bitcoin Chills Around $40k as USD Slides After Fed Says It Has A Ways to Go Before Tapering Ends; GDP Rises Slightly, Better than Q1 20 h Paypal Reports “Strong Adoption & Trading Of Crypto” In Q2; Currently Working On Allowing Transfers To Third-party Wallets

DOGE is now the 2nd most held crypto by US users on eToro, according to the brokerage company. DOGE -2.99% Dogecoin / USD DOGEUSD $ 0.20
Volume 1.33 b Change -$0.01 Open $0.20 Circulating 130.64 b Market Cap 26.08 b
18 h Altcoins, Not Bitcoin, Drives the Latest 'Massive' Surge in Crypto Adoption: Report 19 h Uniswap in Discussion with Fintech Giants to Bring DeFi to the Mainstream 1 d Robinhood Explores New Feature Called 'Round Up Investment' to Protect Customers Against Crypto Volatility

Simon Peters, a crypto market analyst at eToro, said the use case potential for Cardano’s native ADA token provided attraction for investors.

“During Q2, Cardano provided a clearer roadmap for its upcoming Alonzo hard fork – currently in a testing phase,” said Peters, who noted that,

“If successful, it will bring smart contract functionality… for the first time on the Cardano blockchain.”

Up more than 700% YTD, this jump in prices suggests investor optimism around “Cardano’s ability to challenge Ethereum long-term,” he added.

Ethereum, which has rallied 225% so far this year, also gained popularity with a 79% increase in investors holding the asset.

In Q2, smaller crypto assets like Tron (TRX) and Ethereum Classic (ETC) lead the charge, with the former seeing a 163% increase in global users holding the assets compared to Q1 and the latter having a 151% quarter on quarter rise. TRX -1.39% TRON / USD TRXUSD $ 0.06
Volume 787.73 m Change $0.00 Open $0.06 Circulating 71.66 b Market Cap 4.33 b
3 d Tether in 'Open Dialogue' with DOJ, says Company on Report of its Executives Being Under Probe for Bank Fraud 3 w Cardano Beats Bitcoin and Ethereum as the Most HODL'd Crypto Asset on eToro in Q2 2021 4 w After Compound Finance, Now Coinbase is Offering Users 4% APY on USDC
ETC -1.91% Ethereum Classic / USD ETCUSD $ 48.30
Volume 2.03 b Change -$0.92 Open $48.30 Circulating 128.85 m Market Cap 6.22 b
5 d A Great Tailwind for Bitcoin, Ether, and Crypto: A Gargantuan Amount of Money Is Wanting In 1 w JPMorgan Allowing All of its Retail Wealth Clients Access to Five Cryptocurrency Products 1 w 50% of Family Offices Wants to Invest In Cryptocurrencies: Goldman Sachs Report

“Rather than focus solely on Bitcoin and Ether, where many investors can only own a fraction of a coin, we are seeing increasing demand for lower priced coins,” explained Peters.

The market is basically looking for cheaper alternatives, which are priced around $1 with staking rewards allowing investors to reap the rewards for holding these assets long-term, further helping drive demand.

Overall, the multi-asset investment platform revealed increases in the numbers of crypto assets held during the last quarter, suggesting increasing confidence among people in cryptocurrencies.

“Cryptoassets have had an exciting year, with big milestones achieved in terms of price movements and increased institutional investment signaling more adoption by the traditional financial services ecosystem.”

He further noted that long-term fundamentals remain strong despite the volatility, and issues like energy usage continue to hit the market as the “emerging asset class continues to revolutionize many aspects of financial services.”

Amidst this, eToro launched a “chip-tech” portfolio this week that comprises 35 companies that play varying roles in the semiconductor domain.

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