· ADA climbs up rankings as Shelley improvements prompt investor interest as one of the most popular cryptoassets
· Bitcoin, Ethereum and XRP remain top traded assets on eToro platform
· Expected drop off in crypto trading as investors recover from flurry of post-bitcoin halving activity
Data from multi-asset investment platform eToro reveals the most popular cryptoassets by retail investors globally in June are those with proof of stake protocols.
Cardano’s ADA saw a month-on-month increase in investment on eToro, up 11% in June, compared to May 2020. The network is in the midst of its wide-ranging ‘Shelley’ upgrades and moved up to fourth last month as retail investors look to buy the real asset before it fully transitions from a centralised network to a distributed one.
Bitcoin, the leading cryptoasset by both price and market capitalisation, continues to be the most popular coin for investors.
Simon Peters, market analyst and crypto expert at eToro, commented: “Bitcoin unsurprisingly retains its top spot as the most popular cryptoasset on the platform globally in June. Having undergone its third ever block reward halving in May, investors clearly remain interested in holding on to the cryptoasset, perhaps in preparation for an ensuing bull run, as has occurred following the previous two halvings.”
The top three most popular cryptoassets remained unchanged in June compared to May, with Ethereum and XRP in second and third position, respectively. “In altcoins, we are seeing a clear trend from investors towards blockchains that have proof of stake mechanisms. We’ve seen positive price performance of such coins, including ADA, which has risen from $0.0332 at the turn of the year to $0.1139 at the time of writing, constituting a 245% increase year to date. It would seem investment in many of these cryptoassets could prove to be well-judged for retail investors,” said the expert.
Investors are looking to hold onto their real crypto positions while prices consolidate across the sector. This is reflected in trading volume decreases across all cryptoassets in June, following the flurry of activity seen around the bitcoin halving in May.
Tezos, the 16th most popular cryptoasset in 2019 on eToro, rose to fifth place in June. Decentralised application platform NEO and decentralised operating system TRON were also new entrants to the top 10 most invested cryptoassets of June by eToro investors.
“Recent months have seen investors look to cryptoassets such as bitcoin as long term investment opportunities, given widespread fiscal stimulus and performance that has dwarfed most traditional equity markets. We expect to see this trend gather steam as coins such as ADA and Ethereum, of which the latter is undergoing its own raft of technical improvements, join bitcoin as assets at the forefront of investors’ minds,” Simon Peters concluded.
eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. The eToro Group consists of the eToro platform, our multi-asset trading and investment venue, and eToroX, which manages our crypto wallet and exchange.
The eToro platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. We are a global community of more than 13 million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.