Report: Cardano’s ADA Overtakes BTC As The Most-Held Digital Currency On eToro

According to reports from sources, Cardano now holds the top position of the most holdings on cryptocurrency trading platform eToro, highlighting the massive growth of the currency.

According to the data provided, Cardano (ADA) has seen a massive 51% rise in adoption in Q2 of this year, compared to other currencies on the platform, signaling the immense amount of popularity that Cardano is working daily to build up. But despite all this, the demand for Bitcoin doesn’t seem to be falling either, as CityAM reports that Bitcoin’s demand saw a 42% increase in the same time frame.

Cardano’s Upgrades

Crypto Analyst from eToro, Simon Peters, said that the rising growth displayed by Cardano (ADA) has definitely caught the attention of many new investors from around the world. After successfully implementing the much-awaited Mary Hard Fork at the start of this year, Cardano gave developers the opportunity to develop and launch new native tokens. Cardano is planning to launch another major update, formally known as Alonzo, that will also help out developers to construct and launch smart contracts, also paving the way for DeFi apps to be launched on the network.

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Crypto Growth

Regarding all this, Simon Peters stated that this new update would definitely be a huge plus point for developers, as it will help out in the development of new projects, solidifying Cardano’s position in the market. Adding to that, Ethereum also saw a huge 79% growth after implementing its own hard fork known as London, which shows how much the engagement levels with cryptos have increased.

Peter also mentioned that despite the market crashes, cryptocurrencies have definitely had a very exciting year when it comes to achievements and price fluctuations, as investment and adoptions continue to grow, helping cryptos to become accepted by more and more traditional financial systems. Furthermore, Peter said that investors had increased their engagement with cheaper cryptocurrencies because they only own a little of the current crypto kings, Bitcoin and Ethereum, increasing the overall markets value altogether.

eToro reported that crypto-based assets have seen to explode in popularity this year as the platform saw TRX grow 163% and Ethereum Classic increase by 161% in comparison to the start of this year.