Bitcoin is the most widely used cryptocurrency on eToro
Interest in Bitcoin remains high worldwide: on eToro it is confirmed that the cryptocurrency is the most held cryptocurrency in the second quarter of 2023.
Even on Google Trends, we see an increase in searches for the term “bitcoin” in June, mainly thanks to news of BlackRock filing for a spot ETF of the crypto.
Let’s take a closer look in this article
Bitcoin consolidates top position as most used cryptocurrency on eToro
Trading platform eToro recently released its quarterly data on the crypto sector, which showed that Bitcoin retained the top spot as the most used digital currency in customers’ wallets.
Following the recent price rally that pushed the market’s leading cryptocurrency above $30,000, the multi-asset broker’s investors have consolidated the hegemony of digital gold.
eToro’s public preferences remain unchanged as Bitcoin was also ranked as the most “held” cryptocurrency in the first quarter of 2023.
The biggest increases were seen in smaller cryptocurrencies like Arbitrum, which brought with them the number of holders 180%.
Cartesian (45%), Amp (12%), Orchid (12%), Band Protocol (10%) and Fetch.ai (10%) also evolved positively in this context.
As for the ranking of the top 20 most held crypto assetsthe two with the highest growth were Terra 2.0 (3%) and Polygon (2%).
eToro’s crypto market analystSimon Peters, commented on the data emerging with the release of the second quarter report with the following words:
“The market performance of crypto assets has undergone some significant shifts over the past three months, but bitcoin has once again shown itself to be the most consistent of the major assets, consolidating its position as the world’s largest crypto asset. Market performance for bitcoin is largely positive, as other major cryptoassets enter the water.
It is worth noting that eToro represents one of the preferred platforms for boomers, who are not familiar 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 not able to act 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 fixes the price of the asset in question.
Analyzing investor sentiment and movements on eToro can be helpful in understanding how the financial bullpen is moving.
Global interest in Bitcoin and crypto is rising over the last month on Google Trends
While Bitcoin is confirmed as the top crypto held on the investment platform eToro, we also see interest in the Google cryptocurrency search engine increasing.
The news from BlackRock that a formal filing with the SEC to launch a Bitcoin spot ETF has prompted the coin to make a significant price increase, 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 dollars.
An interest in the crypto world from such institutional entities greatly helps the industry to emerge and get noticed even by people outside of finance.
In particular, we can see how on “Google Trends” the term “Bitcoinsaw a flurry of searches around the time BlackRock’s strategic move was announced.
The greatest interest in this question 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.
In fact, Bitcoin seems to be becoming increasingly attractive in those developing countries where there is high inflation and government corruption.
Digital gold is seen by the residents of these regions as an alternative solution to the devaluation of the local currency, allowing families to save and preserve wealth.
Contrary to how it was introduced by Satoshi Nakamoto in the 2008 white paper, Bitcoin does not yet function properly as an exchange currency, but rather has a concrete and functional role as a store of valueable to serve as a safe haven for the entire world population.
