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eToro users eased up on every cryptocurrency in Q2 2020 with the exception of Tezos

According to the latest eToro report, after reviewing investor interest in all cryptocurrencies, they saw a significant decline, except for Tezos (XTZ) in the second quarter. 2020. But in general, the percentage of users investing in cryptocurrencies, in general, has decreased.

etoro-users-eased-up-on-every-cryptocurrency-in-q2-2020-with-the-exception-of-tezos

Top 5 cryptocurrencies by the growth in number of eToro users investing in it in Q2 | Souce: eToro

Report from eToro: The percentage of users investing in Bitcoin decreased by 10% compared to the previous period

Although Tezos has witnessed a small increase in the number of eToro users investing in the past quarter – only 2.53%, but this number was enough to take first place with an 8.12% growth. The growth for all other cryptocurrencies also plummeted. In particular, most cryptocurrencies experience a double-digit decline.

Elsewhere, the percentage of users investing in Bitcoin decreased by 10% compared to the previous period. Besides, Cardano (ADA) ranked first in the ranking of return on investment of the prior quarter. Moreover, you can follow the classification of investment returns in the second quarter as a combination of cryptocurrencies, stocks, gold… as follows.

etoro-users-eased-up-on-every-cryptocurrency-in-q2-2020-with-the-exception-of-tezos1

Source: eToro

It can be seen that Cardano (ADA) is holding the number one position with 175% and ETH in the second position with 70%.

Co-founder & CEO of The Tie, Joshua Frank, shared:

“Perhaps one of the reasons driving the trend of eToro users to switch to stocks is because eToro is starting to focus more on commission-free trading.”

He adds:

“eToro has begun to have a more global focus on commission-free equity trading as stock trading has begun to soar in the wake of coronavirus. eToro users have increasingly looked towards trading equities rather than cryptocurrencies over the last few months.”

We should note that in absolute numbers, only Zcash (ZEC) showed a smaller increase in the second quarter with 1.40%. At the same time, many cryptocurrencies have higher growth than Tezos, about 46.01% for XRP, and 31.31% for Bitcoin.

However, Frank believes that eToro users retain their thirst for cryptocurrencies when each Bitcoin gains nearly 1 million new followers:

“Nearly 1 million new eToro accounts began following the Bitcoin, Ethereum, and XRP pages this month. This signals that while broadly there may be a bit more of an equity shift, existing and new eToro users most definitely continue to have an appetite for cryptocurrencies.”

Perhaps, another reason for the slowdown in growth can be explained by the low volatility of the cryptocurrency market and the stability of traditional transactions.

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