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eToro Users Favour XRP over Bitcoin

eToro Users Favour XRP over Bitcoin
Breaking News / Bitcoin / Ripple

Traders on the popular trading platform eToro say that XRP is the most frequently traded cryptocurrency by unique open trades. Last months report shows that XRP also trades ahead of Amazon and closely follows behind oil, gold, Apple and the NSDQ100.

For those that are unaware, eToro was founded in 2006 and is a social trading and multi-asset brokerage firm that has offices dotted across the world including the UK and Cyprus, Israel.

In January, Apple was the clear winner as it topped the list as most traded stock with oil and gold as the most traded instruments.

dApp Life has noted that eToro’s insights suggest that Ripple’s native token, XRP contributed to 29,991 unique open trades. Bitcoin open trades summed up to just under 27,000 and Ethereum open trades followed with 25,148.

Some statistics for the more traditional financial instruments topped the platform were:

  • Oil with 35,503
  • Gold with 32,484
  • Apple with 31,767
  • NSDQ100 with 31,683

eToro, based in London, has also revealed that stocks remain the preferred choice for UK-based investors. Last month, 11.83 percent of investors traded cryptocurrencies in the country.

In terms of the overall state of the market, the eToro senior market analyst Mati Greenspan explained why there won’t be any bull runs occuring overnight in a new interview with Crypto Zombie:

“Right now we are in a bear cycle. We saw some positive movements over the last few days, and I’m very happy about that. We saw volumes coming back into the market for the first time in months which is wonderful, but you don’t go from bear market to moon overnight.

The bull market of 2017 actually started in 2015. Once there was that quietness, the market was able to bottom out very gradually. If you look at the chart over that time period you will see that it just kind of did some gradual gains like 1% or 2% in a month as people started using it for its original purpose. And then you got to the point where it’s 5% a month, 10% a month and then all of a sudden 2017 it started going 5% a week, 10% a week, and at the end of 2017 it’s like 50% a day.

So that type of optimism and exuberance takes a while to build up. It doesn’t happen overnight. I think the most healthy way for Bitcoin going forward would be this kind of more gradual rise. The volatility when you see $20,000 coming back down – it’s fun to run up but it’s not fun to come down.”

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