eToro, the social trading platform, has experienced a decline in the growth of investor interest in every cryptocurrency except Tezos (XTZ) in the second quarter of 2020.
It has been reported that although Tezos saw a small uptick in the number of eToro users investing in the last quarter, only 2.53%, it was enough to take first place with 8.12% growth in growth.
However, the growth for every other asset decelerated for every other cryptocurrency with most experiencing a double-digit decline, as Tezos’ exceptional performance may be explained by its low base in the first quarter.
Joshua Frank, the Co-Founder & CEO of The Tie, said that likely one of the reasons for this trend is the fact that eToro began to focus more on commission-free equity trading.
He added:
“eToro has begun to have a more global focus on commission free equity trading as stock trading has begun to soar in the wake of coronavirus. eToro users have increasingly looked towards trading equities rather than cryptocurrencies over the last few months.”
Likewise, in absolute numbers, only Zcash (ZEC) saw a smaller increase in the second quarter with 1.40%. While many cryptocurrencies experienced growth several magnitudes higher than Tezos — 46.01% for XRP (XRP) and 31.31% for Bitcoin (BTC).
. @eToro users ease up on every crypto but @tezos, reports @mmviii_2008 https://t.co/qCqd6WDNbN — Cointelegraph (@Cointelegraph) July 20, 2020
Frank believed that eToro users have still retained quite an appetite for crypto as each of the top assets gained almost 1 million new followers.
Thus, he said:
“Nearly 1 million new eToro accounts began following the Bitcoin, Ethereum, and XRP pages this month. This signals that while broadly there may be a bit more of an equity shift, existing and new eToro users most definitely continue to have an appetite for cryptocurrencies.”
Source: Cointelegraph | Image: The Balance
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