eToro recently released startling statistics of the topmost held coins globally on its platform for the second quarter of 2021, and contrary to widespread belief, Charles Hoskinson’s Cardano edged out Bitcoin and Ethereum to clinch the top spot as the crypto most popular among holders. The remainder positions that make up the first five rankings were secured by Dogecoin (DOGE), Tron (TRX), Ether (ETH), and Bitcoin (BTC) respectively.
Here are some of the reasons for Cardano’s slow but sure successes.
Low Cost Value
eToro reports that many users, especially in the US, are fed up with fractionated cryptos. For the bulk of its three million new users recorded in Q1, their entry preferences appear to be tilted towards coins with low prices in which multiple whole units can be bought at once, unlike Bitcoin and Ethereum that have their current unit prices in thousands of dollars.
XRP fits this description but may have proven too controversial for first-time investors, no thanks to the on-gong legal entanglement. The closest to call would be Dogecoin which has soared to the peak of crypto relevance on the wings of relentless hype.
ADAUSD Chart By TradingView
Visible Intrinsic Value
Cardano has enjoyed a growing market capitalization gain over the last six months. Moving from less than 1% total market cap share in January to over 3% at the end of June. While the market focused on Ether’s growing activity, Bitcoin’s waning resilience, and the legal kerfuffle between XRP and US SEC, ADA took time to build upon its relevance and value, shelling out its Mary protocol in March, striking a historic partnership agreement with the Ethiopian government in April, and prepping up for its most anticipated Alonzo update billed to be released in August.
Its recent addition to the Grayscale Digital Large Cap glazed on the promising coin an extra layer of attractiveness to investors seeking a satisfactory and promising alternative to Bitcoin and Ethereum.
With three-quarters of total ADA in circulation now laid down for staking on the network in anticipation of its upcoming upgrade, the excitement continues to build for a greener future prospect.
Investors believe ADA may well see up to a 500% price increase over the next six months. It already has the strength, speed, and cost-effectiveness to match up to Ethereum and it’s only a matter of time before ADA becomes a popular favorite over ETH, other things being equal.
