Cardano is the latest cryptocurrency to be added to eToro’s crypto portfolio. This firm’s platform offers crypto CFDs, spread betting and futures trading for Bitcoin, Ethereum, Litecoin and now Cardano. The firm expects that the use of Cardano will grow as the project continues to progress. In addition, they also expect that this will be the first cryptocurrency to hold a place on the top ten list of most held assets on the platform.
Cryptocurrencies have been skyrocketing and plummeting on a regular basis, with the recent dips being a lot more violent than the ones in the past. However, one cryptocurrency has remained relatively stable throughout the year, and that is Cardano. With this in mind, it may come as no surprise that the cryptocurrency is becoming increasingly popular on an online brokerage platform called eToro.Data from broker eToro shows that ADA has replaced BTC as the most popular crypto currency token on the trading platform.
Because bitcoin can only be used as a store of value in a limited way, some say it is only a matter of time before bitcoin loses its crown. Will we see BTC go down?
Cardano leads eToro’srankings
In terms of market dominance, Cardano currently holds only 3,2 % of the market. By comparison : Bitcoin’s market share is 44.2%, which is more than 13 times.
But despite Cardano’s relative lack of dominance, he has shown to get stronger and stronger over the course of this year. On the 1st. In January 2023, Cardano held 0.7% of the total market value.
Source: eToro via CityAM.
Simon Peters, an analyst at eToro, said Cardano’s potential scale is the determining factor here. He cited Alonzo’s upcoming hard fork, scheduled for mid-August or early September, as one reason investors are flocking to Cardano.
If successful, it will bring the functionality of smart contracts, allowing them to be written and deployed on the Cardano blockchain for the first time.
This update will allow developers to create network-based projects and help Cardano position itself as a true competitor to crypto-currencies like Ethereum.
Some believe Alonzo will be the catalyst for an ADA price hike. Analyst Kim Chua also supports the Ethereum killer theory, saying that Cardano’s ability to compete with Ethereum could lead to ADA reaching $3 in the near future.
Bitcoin is no longer king on Celsius
Celsius CEO Alex Maszynski also criticized bitcoin’s dominance, saying Ethereum has already surpassed bitcoin, at least on its platform.
Speaking to Kitco News, Maszynski said that Celsius users currently own more Ethereum dollars than Bitcoin. He added that he sees Celsius as a crypto-microcosm, in the sense that what happens there will happen later in the macrocosm.
To explain this phenomenon, Mashinsky pointed out the limitations of using bitcoin as a store of value versus using Ethereum as a source of revenue. According to him, people are more interested in profitability than in maintaining wealth.
There are more people in the world struggling to be profitable than there are talking: I’m afraid for my fiat electricity, I’m saving some value…..
Although both Celsius and eToro are seeing bitcoin’s popularity decline, it’s clear that the demand for programmable currencies is starting to catch on.
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