Cardano leapfrogged Bitcoin as the most held cryptocurrency on social trading platform eToro in the second quarter of 2021, the platform reported this week.
- Bitcoin, which led the cryptocurrency bull run at the start of the year, saw a 42% increase in demand, but slipped from first to second place behind Cardano.
- Cardano — the fifth-largest cryptocurrency by market value — was trading at US$1.33, with a total market value of US$42 billion, as of press time, according to CoinGecko data.
- “During Q2, Cardano provided a clearer roadmap for its upcoming Alonzo hard fork — currently in a testing phase. If successful, it will bring smart-contract functionality by allowing the writing and deployment of smart contracts for the first time on the Cardano blockchain,” said Simon Peters, a crypto market analyst at eToro, in a statement. “This upgrade will be significant as it will enable developers to build projects on the network, helping Cardano to position itself as a real ‘competitor’ to the likes of Ethereum. The price of ADA climbed 15% over the last quarter, suggesting investor optimism around the Alonzo hard fork and Cardano’s ability to challenge Ethereum long term.”
- EToro’s findings indicate that retail investors are increasingly considering altcoins. Ethereum — ranked the third-most popular cryptocurrency on eToro — also gained in popularity ahead of its much-anticipated London upgrade, with a 79% increase in investors holding the asset. Dogecoin, which soared in popularity this year, was propelled to fifth spot after XRP.
- In March, eToto announced that it was going public to list on Nasdaq via a special purpose acquisition company named FinTech Acquisition Corp. V.