eToro users held Cardano rather than Bitcoin and Ethereum in Q2
eToro users held Cardano rather than Bitcoin and Ethereum in the second quarter. According to the eToro snapshot dated June 30, Cardano (ADA), the two largest in terms of market value crypto money the unit through seized the summit. In the second quarter, Bitcoin took the second place, falling from the first place compared to the first quarter.
|Q2 2021||Cryptocurrency||Q1 2021|
Dogecoin, which was not included in the first quarter and 2020 reports, made a big leap in the second quarter and entered the list with the 5th place. According to Yoni Assia, CEO of eToro, the decision to add Dogecoin trading to eToro came only in May this year, after a long time.
Dogecoin, which started as a joke in 2013, has made notable gains even after recent slumps, thanks in part to well-known backers like Elon Musk and Mark Cuban.
The coin was backed by listings on multiple cryptocurrency exchanges this year, including eToro, Coinbase, and Gemini, and was named “asset of the year” by the billionaire founder of crypto exchange FTX .
Recently, in an S-1 filing for its upcoming IPO, Robinhood announced that its platform generated approximately $30 million in revenue from customers trading Dogecoin in the first quarter of 2021. This figure was expected to increase further as the price of Dogecoin rose more than 1.375%.
The rise of altcoins has caused Bitcoin’s share of the total cryptocurrency market to drop below 50% for the first time in three years. This figure currently stands at 43% according to CoinGecko data.
Jack McDonald, CEO of fintech firm PolySign, said:
“People are looking at the broader altcoin universe compared to very crowded BTC trading. While there is a clear correlation between BTC and the rest of the market, altcoins are an opportunity for people to diversify their investments.”
Everett Kohl, founder of Dbilia.com, a company in the NFT space, says that buying and holding altcoins, relatively recently established, also shows greater trust in the ecosystem.
Yet for some, like Eloisa Marchesoni, co-founder and COO of Blockchain Consulting, investing in altcoins means more risk:
“If you’re not taking profits while rising, you risk sitting on a bunch of dead or stagnant capital hoping to survive the bear market and return price movements. Historically, only a few of them manage to get from one bull run to the next.”