Bitcoin (BTC) upheld its rank as the most-held crypto asset by retail traders in the second quarter of 2023. This surge was contrary to the broader market's trends, withBitcoin's revival in price movement noted in the trading and investing platform's quarterly data.
Bitcoin Holds the Crown, eToro Study Shows
According to eToro’s newest report, the oldest cryptocurrency remained in the top position among the most popular digital assets among the platform’s clientele. The TOP10 most held positions remained constant from Q1 to Q2 2023, but the update highlighted Bitcoin's market broader rebound.
This shift allowed the crypto asset to cement its dominance while other assets remained relatively stable throughout Q2. Flare and TRON also performed better than other tokens in the list
“Crypto asset market performance has been through some significant shifts in the past three months but Bitcoin has once again shown itself to be the most consistent of the big assets, consolidating its position as the world’s largest crypto asset,” Simon Peters, the Crypto Market Analyst at eToro, commented.
“Market performance for Bitcoin has been largely positive while other major crypto assets have tread water.”
Market Shifts and Rising Tokens
Significant changes were observed in smaller cryptos. Arbitrum witnessed a staggering growth of 180%, followed by Cartesi, with an increase of 46%, and Amp, with a surge of 12%. Orchid, Band Protocol, and Fetch.ai also experienced visible growth.
Within the TOP20 most-held crypto assets, Terra 2.0 and Polygon had the most significant growth in positions, with increases of 3% and of 2%, respectively.
The data provided by eToro does not include positions held as CFDs or in Smart Portfolios and was accurate as of 1 July 2023.
According to the previous survey conducted by eToro, the number one concern among retail investors is the slowdown of their domestic economies. This concern tops the fear of inflation and the impact of geopolitical conflicts.
Bitcoin Tests Local Highs
Matteo Greco, Research Analyst at Fineqia International (CSE: FNQ), a publicly tradedfintech and digital asset investment firm, has recently commented on Bitcoin. The oldest cryptocurrency closed yesterday (Monday) at the highest level since June 2022.
"BTC closed last week at $30,600, marking a 0.5% increase from roughly $30,500 at the close of the preceding week," Greco detailed. Friday saw a decrease in BTC value down to $29,500 in the wake of the SEC's critique of ETF filings from several businesses. "The regulator stated that the fund sponsors failed to specify the market they are liaising with in their surveillance-sharing agreements,” Greco explained.
However, the price dip was promptly remedied as all involved asset managers swiftly resubmitted their applications, addressing the gap highlighted by the SEC.
Regarding the upcoming Bitcoin halving, currently planned for April 2024, Greco clarified that the event occurs every 210,000 blocks (roughly four years) and will reduce miner rewards for new blocks by 50%.
"The current reward stands at 6.25 BTC per block. Post-halving, it will be 3.125 BTC,” Greco explained.
According to Research Analyst at Fineqia International, market participants are closely monitoring the latter half of 2023, as the months preceding previous halvings have typically marked the beginning of a bullish market trend.
This article was written by Damian Chmiel at www.financemagnates.com.
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