Tezos Surges Amidst Declining Investor Interest in Major Cryptocurrencies on eToro

Uncommon Resilience: Tezos Growth in Q2 2020

In a sea of sluggish investor interest, Tezos (XTZ) managed to paddle its way to the forefront on eToro, as it saw a minor uptick of 2.53% in user engagement. This small but mighty rise wasn’t enough to drown out the stark reality that most other cryptocurrencies were floundering. With an 8.12% growth, Tezos took the crown in a rather lackluster competition.

The Downward Spiral of Other Cryptocurrencies

The other cryptocurrencies, however, faced significant downturns. Many experienced declines by double digits. Some may argue that this was due to the growing momentum of eToro’s equity trading options, which left little room for crypto enthusiasm. Imagine being the life of the party in a room full of people drooling over stocks – that’s the sort of atmosphere Tezos found itself in.

The Shift to Equities

“eToro has begun to have a more global focus on commission-free equity trading,” – Joshua Frank, Co-Founder & CEO of The Tie

As stocks surged in popularity during the pandemic, it seems eToro users decided to jump on this equity ship instead. With the allure of zero-commission trading and the dramatic rise in stocks, it’s no surprise investors looked away from cryptocurrency. After all, who doesn’t like a good bargain, right?

Tezos vs. The Giants

Despite its growth, the absolute numbers of new investors flowing into Tezos pale in comparison to heavyweights like Bitcoin (BTC) and XRP, which gained 31.31% and a staggering 46.01%, respectively. In fact, only Zcash (ZEC) saw a less impressive rise, marking a mere 1.40% increase in new investors. In the grand scheme of things, Tezos may be the tortoise in a race full of hairier competitors.

Continuing Crypto Passion

Even with a trend towards equities, Frank noted that major cryptocurrencies still retained substantial interest. In fact, Bitcoin, Ethereum (ETH), and XRP collectively welcomed nearly one million new followers on eToro. Is this a sign of resilience for cryptocurrencies at large? The appetite for cryptocurrency may simmer down during a volatile market, but it certainly hasn’t gone cold, folks.

Stability or Stagnation?

All things considered, the stabilization of traditional markets alongside low volatility in crypto could spell the reason behind the slower growth of many digital assets. As investors grow jittery about the crypto rollercoaster, perhaps they’ve opted for a calm ride in stocks instead.