In the last year, bitcoin has fallen off the radar with eToro users residing in the U.S. Despite increased volatility, cryptocurrencies are on the rise.
Altcoins are becoming increasingly popular among American users of the renowned eToro trading site, with the likes of Cardano (ADA) and Dogecoin (DOGE) becoming more popular buy-and-hold assets than Bitcoin (BTC).
According to new research shared with Cointelegraph, ADA is the most popular cryptocurrency owned among eToro users residing in the United States, having risen from third position in the second quarter of 2020.
DOGE, which did not appear in the rankings at all a year ago, is now the second most popular cryptocurrency among investors residing in the United States.
Tron, Ether (ETH), and Bitcoin (BTC) round out the top five, with Bitcoin falling from first position a year ago to fifth place this time around.
Despite the fact that they have seen one of the greatest market declines in history, and probably the largest in monetary terms, cryptocurrencies continue to be popular among individual investors.
eToro’s study revealed that retail investors are optimistic about the future potential of this new asset class, based on their responses to the survey.
The cryptocurrencies Stellar (XLM), IOTA (MIOTA), and Ethereum Classic (ETC) are also popular among investors in the United States (ETC).
Given the enormous community that Cardano creator Charles Hoskinson has built over the years, the cryptocurrency’s high rating should come as no surprise.
According to a recent study by Cointelegraph, ADA is the most capitalised cryptocurrency in terms of staked value, with a total market capitalization of little more than $32.6 billion.
DOGE, on the other hand, has made a splash in the mainstream this year, due to an eye-watering rally that lasted until May.
At one point during the surge, DOGE outperformed even Bitcoin in terms of tweet volume, which is a solid indicator of retail interest in cryptocurrency.
With a few notable exceptions, cryptocurrencies have remained in a strong intermediate decline for the majority of the year.
In the near term, the picture is still bleak as Bitcoin continues to move inside a limited range and is unable to break above critical resistance levels.
Nonetheless, platforms such as eToro continue to experience a growth in the number of users, as shown by the 214 percent increase in new registrations recorded earlier this year on the site.