The price increase, industry news and general euphoria must have convinced retail investors to bet everything on Bitcoin, ignoring other cryptocurrencies.
This is what eToro, an international multi-asset investment platform with 16 million users, notes in the October ranking. In fact, in the month just ended Bitcoin not only confirmed its position at the top of the ranking for trading volumes, but it is also the only cryptocurrency in the top 10 in terms of growth. From September to October Bitcoin trading volumes on eToro increased by 16%.
In the rest of the top 10 there are only negative signs:
- Ethereum, -49%;
- Cardano, -16%;
- Ripple, -33%;
- TRON, -55%;
- Tezos, -42%;
- NEO, -43%;
- Litecoin, -16%;
- IOTA, -53%;
- Stellar, -31%.
The reason why retail investors choose Bitcoin
Guiding these choices is probably the price increase of Bitcoin, which in October hit peaks of $14,000 and is currently worth over $14,500. Probably the rally was triggered by PayPal’s entry into the cryptocurrency world, with the official launch of Bitcoin and other crypto assets such as Bitcoin Cash, Litecoin and Ethereum.
eToro analyst Simon Peters explains in this regard:
“Bitcoin has been the focal point for investors over the past month. With a surprising increase from $10,800 at the beginning of October to $13,800 at the end of the month, investors have clearly bought Bitcoin in anticipation of the next possible upward trend. Altcoins, on the other hand, suffered this increase in value, which explains the decline shown in October”.
This weighed on the other cryptocurrencies, in particular Ethereum, TRON and IOTA, which recorded volumes collapsing by around 50%.
According to eToro, the launch of the platform’s staking service for TRON and Cardano was of little use, as both experienced drops in volumes.
For Simon Peters this negative trend is due to the increase in the price of Bitcoin:
“Despite the possibility of obtaining rewards thanks to the staking service, Tron and Cardano showed a drop of -55% and -16% respectively. They too, without the increase in the price of Bitcoin, could have seen an increase in volume”.
Bitcoin in Italy
According to eToro, Bitcoin is the most traded asset in Italy in October, with an 8% increase compared to last month. This was followed by Ethereum, which, however, recorded a 54% drop in volume (higher than the global trend). On the third step of the podium is Cardano, with a 4% decrease compared to the previous month, a less notable drop than the global trend.
The Italian ranking reflects the global one.
Compared to future forecasts on Bitcoin, Simon Peters is clear:
“Looking to the future, Bitcoin continues to excite investors both inside and outside the crypto investor community. With fiscal stimuli continuing to be an open topic and thanks in part to the interest of institutional investors, Bitcoin’s outlook for the coming months seems to be rosy and the increase in trading volumes recorded in October could be a prelude to what will happen in the coming months”.