eToro experienced a loss of investor interest in all cryptos except for Tezos (XTZ) in the second quarter of 2020.
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Although Tezos experienced a small increase in the number of eToro users who invested in it during the last quarter: only 2.53%, it was enough for him to take first place with a growth of 8.12%. Growth for all other crypto assets slowed, with most experiencing a double-digit decline. Tezos‘ exceptional performance can be explained by its low base (growth rate) in the first quarter.
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The Tie’s co-founder and CEO Joshua Frank told Cointelegraph that probably one of the reasons for this trend is the fact that eToro started focusing more on trading without stock commissions:
„eToro has started to take a more global approach to non-commission stock trading as the trend of stock trading has started to grow in the wake of the coronavirus. eToro users have been increasingly looking to stock trading rather than crypto-currency trading over the past few months.
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We should note that in absolute numbers, only Zcash (ZEC) experienced a smaller increase in the second quarter with 1.40%. While many cryptomonies experienced growth of several magnitudes higher than Tezos: 46.01% for XRP (XRP) and 31.31% for Bitcoin (BTC).
BTC, ETH and XRP add one million followers
However, Frank believes that eTore users still have a strong appetite for crypto currencies, with each of the major crypto players gaining nearly a million new followers:
„Nearly a million new eToro accounts started following the Bitcoin, Ethereum and XRP pages this month. This indicates that, while overall there may be a bit more of a capital shift, existing and new eToro users definitely continue to have an appetite for crypto currencies.
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Perhaps, another reason for the slowdown in growth may be due to the low volatility of the Immediate Edge markets and the stabilization of traditional markets.