Tezos (XTZ) Tops eToro’s Latest Q2 2020 Investor Growth Ranking Report: The Tie Research
Tezos (XTZ) leads in investor quarter by quarter growth and adoption on the latest eToro’s Q2 2020 digital assets report from The Tie. XTZ was the only crypto listed on the social trading app to experience investor growth from Q1 2020, albeit a small change at 2.53%.
Tezos leads in Q2 2020 growth prospects
Social trading platform, eToro, released its quarterly digital asset report for Q2 2020, focusing on the overall performance in new followers gained, to gainers in investment growth, the crypto market returns, and other metrics.
Every crypto asset on eToro faced a decline in investor growth QoQ except for Tezos (XTZ), which grew by a slight 2.53% up from 2.34% in Q1 2020. In comparison, Bitcoin (BTC), the leading crypto asset on eToro, witnessed a 31.10% increase in investor growth down from 35.10% last quarter.
Tezos also witnessed the largest change in following registering a 75.29% jump from last quarter with Zcash (ZEC) and Tron (TRX) closing out the top three with 44.10% and 41.85% gains in followers respectively.
Bitcoin, however, leads the race in new followers gained on the social trading app in absolute terms – registering 932,731 new followers with ETH and XRP closely following with 906,000 and 904,000, respectively.
A fairer recovery quarter
After starting the year on bullish momentum, the bulls fell off at the end of Q1 2020 after the Mar 12 ‘Black Thursday’ crash. The tides changed in Q2 with the rise of altcoins, even as BTC’s price remained dormant around the $9,000 region.
Cardano (ADA) led the crypto returns panel on eToro through Q2 registering a mammoth 175% increase with Ethereum, Zcash, Stellar, Iota, and NEO all witnessing above-50% gains through the quarter.
The conflicting growth prospects in crypto market returns and the lack of growth in investors’ numbers is heavily attributed to eToro’s commission-free equity trading. CEO and Co-founder of The Tie, Joshua Frank said,
“eToro has begun to have a more global focus on commission-free equity trading as stock trading has begun to soar in the wake of coronavirus. eToro users have increasingly looked towards trading equities rather than cryptocurrencies over the last few months.”
Stablecoins gaining mainstream adoption
A glance in the numbers above shows that the cryptocurrency market may be moving towards diversification from the dominance of BTC in the market. According to the report, the short term does not look as bleak as once predicted with altcoins holding their own throughout the quarter. Some like ADA, ZEC, LINK, and XTZ has even grown multiple times the growth of BTC through Q2.
Notwithstanding, the stablecoin market is also gaining ground, providing a global remittance network to the unbanked, the report says. Over the course of the year, stable coins such as Tether’s USDt, Circle’s USDC and Maker’s Dai, have been gaining “significant adoption and that solves mainstream challenges” such as remittance and crypto-fiat on-ramps.