ADA, DOGE overtake BTC as the most popular cryptos for US eToro users

ADA, DOGE overtake BTC as the most popular cryptos for US eToro users

American users of the popular eToro trading platform are taking up altcoins with growing conviction, with the likes of Cardano's ADA and Dogecoin (DOGE) becoming more popular buy-and-hold assets than Bitcoin (BTC).

New research shared with Cointelegraph showed that ADA is the most popular cryptocurrency held by United States-based eToro users, up from third place in the second quarter of 2020. After not making the rankings at all a year ago, DOGE is now the second most-held cryptocurrency among U.S.-based investors.

Our top trading bots

Rounding out the top five are Tron, Ether (ETH) and Bitcoin, which saw its Hold Rank fall from first place a year ago.

Despite experiencing one of their biggest-ever market corrections, and certainly the largest in dollar terms, cryptocurrencies remain in favor among retail investors. The research provided by eToro showed that retail investors are confident in the potential of the new asset class moving forward.

Other popular cryptocurrencies for U.S. investors include Stellar's Lumen (XLM), Iota's MIOTA token and Ethereum Classic (ETC).

Cardano’s high ranking is hardly surprising, given the massive community that founder Charles Hoskinson has cultivated over the years. As Cointelegraph recently reported, ADA is the most capitalized cryptocurrency in terms of staked value at just over $32.6 billion.

DOGE, meanwhile, burst into the mainstream this year thanks to an eye-watering rally through May. At one point during the rally, DOGE surpassed even Bitcoin in terms of tweet volume, which is a good proxy for retail interest.

Related: Elon Musk's latest attempt to pump Dogecoin fails miserably

With few exceptions, cryptocurrencies by and large remain in a firm intermediate downtrend. The short-term outlook remains tilted to the downside as Bitcoin continues to trade within a narrow range, unable to break above key resistance. Nevertheless, platforms like eToro continue to see an influx of users, as evidenced by the 214% increase in new registrations earlier this year.

Read on concerning Cointelegraph
Biological evolution should inform how humans design markets
If the global COVID-19 pandemic has taught humanity anything, it has hammered home the lesson that the human being is as dependent on its fellows as the...
Immunefi partners with Binance Smart Chain on bug bounties to secure BSC projects
Immunefi, a security service outfit that specialized in decentralized finance (DeFi) projects, has inked a collaboration with crypto exchange giant Binance.According...
BlockFi starts shipping Visa-backed Bitcoin rewards credit cards
New York-based crypto loans and savings startup BlockFi launched its Bitcoin (BTC) rewards credit card today. The card is available to select approved customers...
Altcoins bag double-digit gains as Bitcoin price approaches $37,000
Cryptocurrency prices surged on June 29 as Bitcoin (BTC) price pushed through the $35,000 resistance level and lifted the total market cap by $93 billion,...
IRS needs congressional authority to handle crypto, says chief
Internal Revenue Service chief Charles Rettig called out lawmakers for not taking the initiative on addressing the problem of many U.S. residents not paying...
Defying COVID-19: Blockchain events make an in-person return
The year 2020, for most of the inhabitants of our planet, was passed in lockdowns or quarantine due to the COVID-19 pandemic; many were forced to stay at...
Finance Redefined: Puff, puff, pump on 4/20! April 16-21st
Loyal Finance Redefined readers:Hi, I’m Andrew. My inestimable colleague Andrey, the previous compiler of this newsletter, is stepping away from Cointelegraph...
Binance has appointed new head of ‘Greater China’
Following the high-profile appointment of Brian Brooks to CEO of Binance.US, it has come to light that the Malta-based parent company has reshuffled its...
Exchange tokens bounce from key support levels as COIN looks for direction
A lot of hype was built up before the Coinbase listing on the Nasdaq on April 14 and several cryptocurrencies rallied in the run-up to the event. However,...
Price analysis 3/26: BTC, ETH, BNB, ADA, DOT, XRP, UNI, THETA, LTC, LINK
Glassnode data shows Bitcoin (BTC) exchange reserves on Coinbase have dropped by about $8 billion. This indicates that institutional investors are locking...
Time magazine seeks CFO comfortable with Bitcoin and crypto
A new job posting from Time magazine shows the 98-year-old publication is looking for a chief financial officer familiar with blockchain and cryptocurrencies.According...
Report: Survey Shows People Use Cryptos More For Remittances
People tend to send remittances using bitcoin and its brethren more shows new research by a BLT-centered research company. Such a spike can be explained...
Good Or Evil? Blockchain Yields Tech Benefits But Can Leave People Jobless
There was no other rival in the investment sphere for stocks as cryptos. But for those, who are not very interested in trading, there is an alternative...
Is Bitcoin a Bubble or a Good Investment?
While Bitcoin breaks to new heights, pessimists have only to wonder: “When are we going to hear a pop?” Now, bubble or not, Bitcoin seems deaf to negative...
Altcoin to Invest: Stratis
Stratis (STRAT) is a cryptocurrency that uses the platform Stratis to generate private and public chains for corporate use. It offers a solution for quick...