Cryptocurrency

eToro Announces The Platform’s 10 Most Popular Cryptocurrencies

eToro users held more Cardano than Bitcoin and Ethereum in the second quarter. According to eToro’s June 30 snapshot, Cardano (ADA) ranks the two largest cryptocurrencies by market cap. bypassing captured the hill. In the second quarter, Bitcoin took the second place, falling from the first place compared to the first quarter.

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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 after a long time, but in May this year.

Beginning as a joke in 2013, Dogecoin has made significant gains even after recent steep drops, 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 has been promoted by the billionaire founder of crypto exchange FTX. “existence of the year” was selected.

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. The Dogecoin price of this issue is 1%. It was expected to rise even more as it rose more than 375.

The rise of altcoins caused Bitcoin’s overall share of the cryptocurrency market to drop below 50% for the first time in three years. This number is currently 43% according to CoinGecko data.

Jack McDonald, CEO of fintech firm PolySign, said:

“People are looking at the larger 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 individuals to diversify their investments. ”

Dbilia, a company in the NFT space. com founder Everett Kohl says that buying and holding altcoins, especially those that were established relatively recently, also demonstrates 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 are not taking profits while rising, you risk sitting on a lot of dead or stagnant capital hoping to survive the bear market and return price movements. Historically, only a few of them manage to go from one bull run to another. ”

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