eToro clients prefer Cardano instead of BTC
3 min readTL;DR Breakdown
• Cardano will release the Alonzo hardfork update in the next few weeks.
• ETH and Tron are among the most used crypto right now.
Investors are showing signs of confidence towards smaller cryptocurrencies despite the first quarter’s market correction. eToro, the largest crypto platform globally, reflects new data on the crypto realm in the second quarter of the year. To the surprise of many, Cardano outperforms BTC in transactions made on the eToro platform.
The increase in transactions is 51 percent compared to the first quarter, which was much lower. BTC led the first ‘Bull Run’ on eToro in the first months of the year and is now 42 percent in demand on the crypto exchange.
Market analyst at eToro, Simon Peters, clarifies that the Cardano token growth caused many ripples in both the quarters respectively. Peters said the token showed a broader price path in its journey for its next Alonzo hardfork. This project will provide a new update for the coin especially in smart contracts.
This update will be very important because it will allow developers to create new network projects. In this way, the token will achieve a real position in the blockchain realm comparable to projects such as ETH.
The ADA value increased 15 percent in the second quarter, indicating investor optimism towards the project. In another sense, this also shows the potential the token has to challenge ETH in the long term.
Will Cardano rise further to challenge ETH?
ETH shows an increase in value of 220 percent in the year; as 79 percent of investors use it to power their transactions. This occurs before the hardfork scheduled for the end of July where the ETH 2.0 version will be updated. The gas payment rates will also be updated with the EIP-1559 project in the new ETH version.
As ETH prepares for new investments in August, Cardano will also try to enter the market with higher enthusiasm. Simon Peters adds that cryptocurrencies have had a very exciting year surrounded by an ecosystem of higher investment potential.
Investors are likely to turn not only to crypto like ETH but to ADA’s new technology.
Investors increase their search for new BTC
Although the focus is on higher-cap cryptocurrencies like BTC, small crypto has also been on the move. Among the favorites are Tron, ETH Classic, and Cardano, which have increased their adoption by 163 percent of global users since the beginning of the year.
Peters explains these new adoptions occur because the investors do not want to focus on a fraction of the token. The cryptocurrency trader wants to have all the guarantees that the gains will be significant when the token rises.
Cardano is trading at $1.44, up 3.36 percent in 24 hours, according to CoinMarketCap. With eToro, the investor can make a profit by trusting and keeping the token in his wallet in the long term. In this way, the ADA demand increases exponentially, although BTC, ETH, and Tether are still in the lead.
