By: John Hill2021-07-17
Based on eToro’s data for the second quarter (Q2) of this year, Cardano (ADA) has taken the top spot in its list of the most held cryptoassets with whopping increase of 51%.
eToro’s Market Analyst Simon Peters stated:
During Q2, Cardano provided a clearer roadmap for its upcoming Alonzo hardfork – currently in a testing phase. If successful, it will bring smart contract functionality by allowing the writing and deployment of smart contracts for the first time on the Cardano blockchain. This upgrade will be significant as it will enable developers to build projects on the network, helping Cardano to position itself as a real ‘competitor’ to the likes of Ethereum. The price of ADA climbed 15% over the last quarter, suggesting investor optimism around the Alonzo hard fork and Cardano’s ability to challenge Ethereum long-term.
The top spot used to be held by Bitcoin (BTC) which had an increase of 42%. Meanwhile, Ethereum (ETH), which was at 4th spot for Q1 of this year, improved its ranking by one notch as it made it to the third spot thanks to its notable increase of 79%.
Take note that the Ethereum network’s London hardfork has not yet commenced as of this writing and this is expected to improve the cryptoasset’s functionality. Another much awaited event is the Serenity or the transition to Ethereum 2.0 which is expected to happen in 2022.
|Position||Cryptoasset||Q1 2021 Position||Q2 2020 Position||Trading Page|
|7||Stellar Lumens (XLM)||5||5||https://www.etoro.com/markets/xlm|
|10||Ethereum Classic (ETC)||12||9||https://www.etoro.com/markets/etc|
Look: It’s common for traders to invest on cryptocurrencies that have huge market caps but the latest data has revealed that the most notable increases were from altcoins that had smaller market caps such as Tron (TRX) and Ethereum Classic (ETC). It has also shown that more retail investors are investing on cryptocurrencies in spite of the recent market correction.
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