Cardano Overtakes Bitcoin On eToro – Find Out What Happened!

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By Crypto Vibe

Cardano Overtakes Bitcoin On eToro

Cardano (ADA) is one of the most popular cryptocurrencies in the world right now. The ADA holders are increasing in number rapidly. While other cryptocurrencies still struggle to take a fight with the flagship crypto Bitcoin, it looks like Cardano has made it through. Cardano overtakes Bitcoin on the eToro trading platform as the most-held cryptocurrency in the second quarter of the year. The cryptocurrency observed a rise of 51% compared to the previous quarter.

Bitcoin Standings

According to CityAM, Bitcoin observed a demand rise up to 42% during the same time frame. We need not recall that Bitcoin is the largest cryptocurrency. Any positive or negative move not only affects BTC but also all the other following cryptocurrencies. In the past few weeks, the crypto market has been highly uncertain. It all started with BTC observing a downtrend on the charts that also tumbled other cryptocurrencies.

Reason Behind Cardano’s Popularity

Cardano overtakes Bitcoin

Earlier this year, Cardano creators enabled the developers to launch native tokens on its blockchain. This happened after the launch of the much-awaited Mary hard fork that allows developers to build and deploy smart contracts on its network through the Alonzo upgrade. Alonzo allows decentralized finance applications to be deployed on the network.

According to Simon Peters from eToro, the reason behind the rising number of Cardano investors is the growth and use case potential for its native token ADA.

“This upgrade will be significant as it will enable developers to build projects on the network, helping Cardano to position itself as a real ‘competitor’ to the likes of Ethereum,” said Peters.

Other Cryptocurrencies On eToro

While Cardano has confidently overtaken Bitcoin’s position, several other cryptocurrencies also observed a rise in their popularity on eToro. Ethereum Classic (ETC) and TRON (TRX) moved up by 161% and 163% respectively. It looks like investors have stopped focusing on BTC and ETH as they can own more assets of lower-priced coins as compared to these two market giants.