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Australian and international crypto investors have shaken up their holdings of these top tokens over the past quarter.
Below, we look at how the positions of the most held cryptos on multi-asset investing platform eToro changed at the end of the second quarter compared to the end of Q1.
Aussies’ return to the biggest crypto names favours Bitcoin
Bitcoin came in at number two among Australian investors at the end of the first quarter, with XRP (CRYPTO: XRP) being the most widely held crypto on the platform at the time. XRP slipped to number five in Q2.
e-Toro reported that despite the market turmoil in 2022, the number of users on its platform holding Bitcoin increased 9% globally and 16% in Australia.
Meanwhile, Ethereum – the second biggest token by market valuation – climbed into the number two spot, up from third place in Q1.
And Cardano, the number eight crypto by market cap, made a big move from fifth place up to third place among Australian crypto investors on the eToro platform.
Resilience in a ‘difficult spell’
Commenting on the last quarterly results, market analyst at eToro Josh Gilbert said:
There’s no hiding to the fact that the crypto market has had a difficult spell in the last quarter. However, the eToro community is showing resilience, whilst keeping faith with the cryptos with the biggest heritage and market cap.
Noting that Bitcoin and most all crypto prices have fallen sharply this year, mirroring the selling trend in equities, Gilbert added:
Many investors see the long-term potential of crypto assets and those same investors have the time horizon to allow these investments to flourish. Retail investors are using the current price weakness to build their allocation to the crypto space whilst diversifying across assets.