Interest in Bitcoin remains strong worldwide: on eToro the cryptocurrency is confirmed as the most held cryptocurrency in Q2 2023.
Even on Google Trends we can see an increase in searches for the term “bitcoin” in June, thanks mainly to the news of BlackRock’s application for a spot ETF of the crypto.
Let’s delve deeper in this article
Summary
Bitcoin consolidates top position as most-held crypto on eToro
The trading platform eToro released its quarterly data on the crypto sector a short while ago, showing that Bitcoin retained the top spot as the most-held digital currency within clients’ wallets.
Following the recent price rally that pushed the market’s leading cryptocurrency above $30,000, the multi-asset broker’s investors consolidated the hegemony of digital gold.
The preferences of eToro’s audience remain unchanged, as Bitcoin also ranked as the most “held” crypto in Q1 2023.
The biggest rises were observed in smaller cryptocurrencies such as Arbitrum, which increased the number of holders by 180%.
Cartesian (45%), Amp (12%), Orchid (12%), Band Protocol (10%) and Fetch.ai (10%) also moved positively in this context.
As for the ranking of the top 20 most-held crypto assets, the two with the largest growths were Terra 2.0 (3%) and Polygon (2%).
eToro’s crypto Market Analyst, Simon Peters, commented on the data that emerged with the release of the second quarter report with these words:
“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.”
It is worth mentioning that eToro represents one of the preferred platforms for boomers, who are unfamiliar with the Web3 world and prefer to invest through regulated third-party brokers.
Usually those who buy cryptocurrencies on eToro are those middle-class individuals who are unable to trade independently.
When you buy a cryptocurrency on eToro you are not actually buying the underlying asset, but a CFD.
A CFD is a contract that technically captures the price of the asset in question.
Analyzing investor sentiment and moves on eToro can be helpful in understanding how the financial bullpen is moving.
Global interest in Bitcoin and crypto on the rise in the last month on Google Trends
While Bitcoin is confirmed as the top crypto held on the investment platform eToro, we can see that interest in the Google search engine for cryptocurrency is also on the rise.
The news of BlackRock applying a formal application to the SEC to be able to start a Bitcoin spot ETF has pushed the coin to make a considerable price rise, attracting a lot of attention from the outside public.
The New York-based investment firm is the world’s largest fund in terms of assets under management, with total assets of more than $10 trillion.
An Interest in the crypto world from such institutional entities greatly helps the sector to emerge and be noticed even by those outside the world of finance.
In particular, we can see how on “Google Trends,” the term “Bitcoin” saw a surge in searches right around the time BlackRock’s strategic move was announced.
The highest interest in this query was seen in the countries of El Salvador, Nigeria, and Brazil, where there is a lack of a strong central currency that can meet the needs of the population.
Bitcoin in fact seems to be increasingly attractive in those developing countries where there is high inflation and government corruption.
Digital gold is seen by the inhabitants of these regions as an alternative solution to devaluing the local currency, such that it allows savings for families and preservation of wealth.
In contrast to how it was introduced by Satoshi Nakamoto in the 2008 whitepaper, Bitcoin does not yet function well as an exchange currency, but rather has carved out a concrete and functional role as an asset store of value, capable of serving as a safe haven asset for the entire world’s population.
