eToro reveals top 10 most held crypto on its platform; Cardano beats BTC and ETH

  • eToro announced the top 10 crypto assets bought by its clients in Q2 of 2021.
  • Cardano is number one on the list while DOGE, which was recently listed on the platform in May, became the 5th leading crypto asset held by eToro users in the quarter. 

Top social trading platform eToro has named Cardano (ADA) as the most popular crypto assets on its multi-asset platform. Cardano maintained its first position as one the most popular crypto on eToro in both the first and second quarters in 2021. This shows that eToro users held Cardano over the two top cryptocurrencies by market cap- Bitcoin and Ethereum.

Cardano (ADA) became the most held crypto asset by eToro users

In a tweet, eToro highlighted the top ten crypto assets in Q2, with ADA in the first position. Notably, ADA’s leading position is a promotion from being ranked second in the previous quarter. Also, ADA overtook Bitcoin, which was formerly the most held crypto asset on eToro. BTC became the second most-held crypto by eToro users in the second quarter. 

In addition, Ethereum advanced to the third position, from its 4th spot in Q1. XRP turned out to be the 4th most held crypto asset on the trading platform, down from being ranked 3rd in the previous quarter.

On the other hand, Dogecoin, which did not make it on the list in the first quarter, took a great leap and made it to the fifth position in 2021 Q2. In 2021, Dogecoin recorded increased adoption and recognition among members of the crypto community. Dogecoin started as a joke in 2013, but prominent names like Elon Musk and Mark Cuban have shown their support for the meme-coin, leading to its upsurge over the past months. 

In addition to Dogecoin’s gain in 2021, several crypto exchanges, including eToro, listed the cryptocurrency, which increased its popularity. Some of the other exchanges that listed Dogecoin this year are Coinbase and Gemini. Also, the founder of FTX crypto exchange, Sam Bankman-Fried, named DOGE “asset of the year.”

Dogecoin continues to make waves among other cryptocurrencies. American financial services company Robinhood revealed in a filing for its upcoming IPO that it generated nearly $30 million in revenue from DOGE trading in 2021 Q1. At press time, Dogecoin is up 1.20 percent to $0.2161. 

eToro users adopt more altcoins

Other top 10 most held crypto assets on eToro in ascending order are TRX, XLM, MIOTA, LTC, and ETC. 

Unlike before, when crypto supporters valued only Bitcoin, the community’s attention has shifted as people are now exploring altcoins. As a result, Bitcoin’s share of the total crypto market value has dropped under 50 percent for the first time since 2019. At the time of writing, Bitcoin has a market cap of over $641 billion. BTC’s current market cap represents 43 percent of the total crypto market share. 

The CEO of fintech firm PolySign, Jack McDonald, commented:

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.

Dbilia.com founder Everett Kohl, believes the recent increase in altcoins adoption shows more investor’s trust in the crypto space. 

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