Bitcoin Consolidates on eToro Platform as Price Breaks Ranks with Wider Market

– Bitcoin retained spot as most held crypto on eToro in Q2 2023.

– Top 10 most held largely stable as bitcoin performance outshines with Flare and TRON performing well too

– Biggest risers in open positions include Arbitrum (176%), Cartesi (45%) and Amp (12%).

Bitcoin Consolidates on eToro Platform as Price Breaks Ranks with Wider Market

Bitcoin consolidated its position as the most-held cryptoasset on the eToro platform in Q2 2023 as the world’s largest cryptoasset saw a revival in price movement, new platform data reveals.

The trading and investing platform’s quarterly update shows no shift in positions in the top 10 most held in Q2 compared to Q1 2023, but illustrates a bitcoin market revival which helped the cryptoasset consolidate at the top while others have remained flat in Q2. Flare and TRON also performed well relative to other tokens in the top 10.

The biggest moves were seen in smaller tokens, with Arbitrum (+180%), Cartesi (+46%) and Amp (+12%) seeing the largest increase in holders. Also performing well were Orchid (+12%), Band Protocol (+10%) and (+10%).

In the wider top 20 most-held cryptoassets, the two which saw most growth in positions were Terra 2.0 (+3%) and Polygon (+2%).

Simon Peters, Crypto Market Analyst at eToro, commented“Cryptoasset market performance has been through some significant shifts in the past three months but bitcoin has once again shown itself to be the most consistent of the big assets, consolidating its position as the world’s largest cryptoasset. Market performance for bitcoin has been largely positive while other major cryptoassets have tread water. 

“The market does appear to be adjusting somewhat to new dynamics with pullbacks in holders of cryptoassets such as ether, TRON and Decentraland. It is unusual to see a bifurcation of behaviour between the biggest cryptoasset bitcoin and other mainstream cryptoassets, but that has been the trend in the past three months. Movements have been incremental however, meaning that the positioning of the top 10 remains unchanged on the previous quarter. 

Table 1: Most widely held cryptoassets on eToro globally

Cryptoasset Current ranking Ranking at end of Q4 2022
Bitcoin 1 1
Cardano 2 2
Ethereum 3 3
XRP 4 4
Dogecoin 5 5
Shiba (in millions) 6 6
TRON 7 7
Songbird 8 8
Flare 9 9
Stellar 10 10

Source: eToro platform data, 00.00am July 1st 2023

Table 2: Cryptoassets with biggest proportional increase in holders quarter on quarter

Cryptoasset Increase in holders QoQ as a percentage
Arbitrum +180%
Cartesi +46%
Amp +12%
Orchid +12%
Band Protocol +10% +10%
Immutable X +8%
My Neighbour Alice +7%
Livepeer +6%
Hedera Hashgraph +6%

Source: eToro platform data 00:00am July 1st 2023. Past performance is not an indication of future results.