eToro reported the most popular cryptocurrencies in June on its platform.
The ranking is still dominated by Bitcoin, followed by ETH and XRP. In other words, the top three cryptocurrencies by market capitalization on eToro are also the three most popular on the platform.
It should be noted that USDT has not been taken into account, despite having a higher market capitalization than XRP, because it is not considered a real cryptocurrency, but a stablecoin token representing a fiat currency.
Alongside the first three, in June retail investors of the well-known platform showed particular interest in Proof-of-Stake-based cryptocurrencies.
One of the most popular was ADA (Cardano), which increased by 11% in June, compared to May, due in particular to the Shelley upgrade. Retail investors are looking to buy the asset before it moves from the current centralized network to a distributed one.
Tezos was also able to attract a lot of attention, so much so that in June it was ranked fifth. During 2019 it was only sixteenth, so in the first half of 2020, it made a big leap forward.
NEO and TRON were also back in the top ten.
Here is the top 10 ranking:
- Bitcoin,
- Ethereum,
- XRP,
- Cardano,
- Tezos,
- IOTA,
- Stellar,
- NEO,
- Bitcoin Cash,
- TRON.
As far as Bitcoin is concerned, after the recent halving retail investors are expecting a bullish phase, and overall they are trying to hold their positions, in light of a general price consolidation throughout the industry.
This has significantly reduced volumes, significantly lower in June compared to the hectic activity in May, the month in which the halving took place.
eToro’s market analyst and cryptocurrency expert, Simon Peters, 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.
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.
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”.
