- Cardano (ADA) has beaten Bitcoin (BTC) as the most-held coin on eToro.
- This could be due to its ongoing Alonzo update.
- The platform also notices a spike in altcoin investments over the past two quarters.
The eToro platform is witness to Bitcoin (BTC) being beaten out by Cardano (ADA) on its platform. Specifically, as of the second quarter of 2021, crypto holders on eToro are presently holding more Cardano than Bitcoin.
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This is indeed an exciting development. Bitcoin, the poster child of cryptocurrency, has long since been one of the most popular cryptos, along with Ethereum (ETH). In fact, Bitcoin led a massive bull run at the start of this year.
This bull run led to a 42% increase in demand on the eToro trading platform. However, it has now dropped from first to second place. More so, Cardano, the fifth-largest crypto by market cap, now sits at the top rank.
A crypto market analyst at eToro, Simon Peters, states that this could be due to the ongoing developments to Cardano’s blockchain. For instance, the upcoming Alonzo hard fork is in its testing phase. Once this phase is out successfully, the Cardano network will introduce smart contract functionality.
This significant move will allow developers on the Cardano blockchain to begin building projects on the network. More so, he says this development will finally make the network a true competitor to Ethereum. Additionally, he mentions how the price of ADA shot up by 15% in the last quarter.
Finally, eToro’s records signify that more and more investors are considering investments in altcoins. Besides Cardano, its data picks up on Ethereum. This altcoin is gaining high interest amid its London hard fork upgrade.
In fact, the platform saw a spark in ETH investments by 79%. On the other hand, the platform also highlights Dogecoin which also rose in popularity this 2021. Somewhere during this time DOGE even beat out Ripple (XRP).
At the time of writing, according to CoinGecko, the price of Bitcoin is at $33,840.13 with a market cap of $634,489,595,308. Meanwhile, the price of Cardano is at $1.35 with a market cap of $$43,190,076,957.
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