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- BTC drops to fifth place, was on top just a year back
- Investors are confident of altcoins as a new asset class
- 214% increase in new registrations earlier this year on eToro
The number one cryptocurrency, Bitcoin, is losing its shine and has seen a rapid decline in popularity among the U.S.-based eToro users over the past year. However, despite more volatility, altcoins are gaining popularity.
American users on the popular eToro trading platform prefer Altcoins instead of BTC
Despite their high volatility, Altcoins are increasingly popular among American users on the popular eToro trading platform. Users are increasingly holding altcoins such as Cardano’s ADA and Dogecoin (DOGE) in place of Bitcoin (BTC).
New research reveals that ADA has become the most popular cryptocurrency held by United States-based eToro users. The coin has jumped from third place in the second quarter of 2020 to the number one position. The meme-based DOGE has also improved its performance and is now in the second position among held cryptocurrencies among U.S.-based investors.
BTC falls to fifth place from numero uno a year back
The top five positions are ADA, DOGE, Tron, Ether (ETH), and Bitcoin (BTC). It was a steep fall from grace for BTC, which adorned the top position just a year ago.
Despite trying times and a steep fall in BTC values and ETH constituting the biggest price correction of all times in terms of dollar terms, cryptocurrencies continue to find favor among investors. The research released by eToro reveals that retail investors are pretty confident that altcoins are a new asset class and move forward.
Major crypto assets have found favor among US investors.
Other major crypto assets which have found favor among U.S. investors include Stellar’s Lumen (XLM), Iota’s MIOTA token, and Ethereum Classic (ETC). The number one position occupied by Cardano is not surprising. Founder Charles Hoskinson has nurtured and cultivated a huge following of diehard fans over the years. Nevertheless, ADA continues to be the crypto token that has raked in most capital in staked values that stand at just over $32.6 billion.
DOGE blitzkrieg through May sent the meme coin swiftly into the mainstream. The meme coin soon became a darling on social media, and at one point, its tweet volume surpassed Bitcoin, and it is a good proxy for retail interest.
BTC down but not out, volatility within a narrow space
Barring a few exceptions, cryptocurrencies have survived the latest onslaught, which external factors have triggered. BTC remains on the downside but has survived though it has not cleared the key resistance level. The good thing has been the volatility is confined to a narrow range, and there are no huge surprises shortly.
Platforms like eToro continue to get new users investing with renewed vigor, as evidenced by the 214% increase in new registrations earlier this year.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
