ADA And DOGE Are Now More Popular Than Bitcoin In The US
JAKARTA - Users of the popular trading platform eToro in the US, continue to trade altcoins with increasing confidence. Now Cardano (ADA) and Dogecoin (DOGE) are buying and hold assets, which are more popular than Bitcoin (BTC).
New research shared with Cointelegraph shows that ADA is the most popular cryptocurrency held by US-based eToro users. Their current position is up from third in the second quarter of 2020.
As for Dogecoin, after not being ranked at all last year, DOGE now ranks second-most as a cryptocurrency owned by cryptocurrency investors in the US.
Entering the top five are Tron, Ether (ETH), and Bitcoin. All three actually experienced a decrease in Hold Rank, from the first position they achieved last year.
Despite experiencing the largest market correction ever, and certainly the largest in dollar value, cryptocurrencies remain favored among retail investors. Research conducted by eToro shows that retail investors are confident in the potential of new assets moving forward.
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Other popular cryptocurrencies for investors from the US include Stellar's Lumen (XLM), MIOTA Iota token, and Ethereum Classic (ETC).
Cardano's (ADA) high rating is not surprising, given the large community its founder, Charles Hoskinson, has developed over the years. As Cointelegraph recently reported, Cardano ADA is the most capitalized cryptocurrency in terms of value, with a trading value of more than USD 32.6 billion (IDR 463 trillion).
DOGE, meanwhile, broke into the mainstream this year thanks to its tantalizing rally through last May. At one point during that rally, DOGE even surpassed Bitcoin in terms of tweet volume, which is a good proxy for attracting retail interest.
With a few exceptions, cryptocurrencies generally remain in a strong downtrend. The near-term outlook remains tilted to the downside as Bitcoin continues to trade in a narrow range, unable to break above key resistance.
Nevertheless, platforms like eToro continue to see an influx of cryptocurrency users, as evidenced by a 214% increase in new account registrations earlier this year.