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 1.18% Cardano / USD ADAUSD $ 1.40
$0.021.18%
Volume 1.59 b Change $0.02 Open $1.40 Circulating 33.54 b Market Cap 47.07 b
3 w Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 4 w Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 mon Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report
BTC 3.61% Bitcoin / USD BTCUSD $ 43,293.08
$1,562.883.61%
Volume 16.92 b Change $1,562.88 Open $43,293.08 Circulating 18.94 m Market Cap 819.77 b
2 w SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 2 w A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 3 w Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum
ETH 5.04% Ethereum / USD ETHUSD $ 3,249.74
$163.795.04%
Volume 9.1 b Change $163.79 Open $3,249.74 Circulating 119.24 m Market Cap 387.5 b
2 w Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 2 w A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 3 w The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022

DOGE is now the 2nd most held crypto by US users on eToro, according to the brokerage company. DOGE 2.28% Dogecoin / USD DOGEUSD $ 0.17
$0.002.28%
Volume 346.67 m Change $0.00 Open $0.17 Circulating 132.67 b Market Cap 22.13 b
3 w Ray Dalio says, Bitcoin Is An “Alternative Money” While NFTs An Investment; May Also Become A Type of Money 3 w Dogecoin Foundation Working with Ethereum Co-Founder Vitalik for DOGE Staking Proposal 1 mon DOGE Sucking Liquidity from Crypto Market Again, Tesla to Accept Dogecoin Again For Merch

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 4.29% TRON / USD TRXUSD $ 0.07
$0.004.29%
Volume 793.48 m Change $0.00 Open $0.07 Circulating 101.82 b Market Cap 7.3 b
4 w Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 mon Justin Sun Stepping Down from Tron (TRX) Leadership To Be A Diplomat For Grenada 1 mon Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report
ETC 0.83% Ethereum Classic / USD ETCUSD $ 31.83
$0.260.83%
Volume 348.47 m Change $0.26 Open $31.83 Circulating 132.41 m Market Cap 4.22 b
2 mon “We're Not Going to Talk About” SHIB Listing, says COO as Robinhood’s Crypto Wallet Waitlist Jumps to 1.6 Million 2 mon Robinhood Reveals Security Breach that Left 7 Million Customers Data Exposed 2 mon Grayscale Adds Avalanche (AVAX) and Terra (LUNA) to its Investment Product Consideration List

“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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