According to the eToro trading platform, investors prefer cryptocurrencies based on the proof-of-Stake consensus method.
EToro analysts reported that last month, ADA, NEO and TRX were among the top ten most purchased crypto assets on the platform, which were ready to “compete” even with the leading cryptocurrencies: BTC, ETH and XRP. ADA tokens ranked fourth in popularity on eToro.
Demand for ADA increased after news of the launch of the Cardano project’s Shelley update, which will ensure the network’s decentralization. As for the cryptocurrency XTZ (Tezos), last year this asset was the sixteenth most popular on eToro, and in June it rose to the fifth place. NEO and XRP also entered the top ten of the platform.
Experts explain this by the increased interest of investors in the proof-of-stake mechanism, which allows trusted nodes with a certain amount of crypto asset on the balance to ensure the operation of the network. According to eToro analyst Simon Peters, at the end of the year, the ADA cost $0.0332, and since the end of June, the coin rate has risen to $0.1139, which indicates an increase of 245%.
Peters also believes that demand for ETH may grow even more after switching to PoS. At the same time, Peters said that in June, trading volumes on the eToro platform decreased.He explained this by saying that investors want to” hold ” their assets until the market stabilizes. This situation arose after a surge in activity due to the halving of bitcoin in may.
Recall that in April last year, eToro launched a regulated cryptocurrency exchange and 8 own stablecoins, and a month earlier acquired the Danish company Firmo, specializing in the development of smart contracts for derivatives.