eToro is a multi-asset brokerage and social trading company whose primary focus is to provide copy trading and financial services to its clients all over the world. As such, the company had also added the option of cryptocurrency trading to its platform, through which users could buy and sell Bitcoin (BTC) as well as various other altcoins.
In what many would believe is a ground-breaking development, Bitcoin is no longer the dominant crypto currently listed on eToro, as it has now been overtaken by Cardano (ADA) in what is sure to cause a significant increase for Charles Hoskinson’s project in terms of its price, usage and overall value. Numerous investors are choosing to back the ADA token because of the desire to have programmable money rather than another simple store of value.
Is Bitcoin going to lose its dominance?
For the longest time, Bitcoin has remained as the world’s flagship crypto, both in terms of price and market capitalization. However, a plethora of other cryptocurrencies have emerged since Bitcoin was first created more than ten years ago, and as developments and progress for these altcoins have consistently continued over time, many thus believe that projects such as Ethereum (ETH) or even Cardano may be able to eventually topple Bitcoin and challenge its dominance.
Alex Mashinsky, Celsius CEO, recently stated that Ethereum has actually already managed to flip Bitcoin, at least on his own platform. The upcoming London hard fork could do away with the high gas fees issue that has been plaguing Ethereum for a while now, and if it does, then this could be another huge blow to the dominance currently being exhibited by Bitcoin.
Furthermore, Alex highlighted a key problem with Bitcoin, namely its store of value which is often considered to be very limited. Comparatively, Ethereum has a relatively higher yield use case, and Mashinsky claims that investors desire yield more than the preservation of wealth at this point.
Cardano continues to ride a wave of momentum
It should be mentioned that compared to Bitcoin, which holds just over 44% of the market, Cardano, on the other hand, only holds 3.2%, a significantly less amount to be sure. However, Cardano, alongside Ethereum, represents the aforementioned desire of the investors to have programmable money and projects which are routinely upgraded and made better, something which both Charles Hoskinson’s current and former project are doing. Cardano was additionally listed on Nexo as well.
It should come as no surprise then that ADA has managed to overtake BTC and hence steal the top spot on eToro as Cardano’s token became the new dominant cryptocurrency asset that is currently being held by most users there.