The cryptocurrency market is recovering from the recent bear attack which impacted most major coins. XRP, the third-largest cryptocurrency has also faced the repercussions of the bear market, but has managed to keep its trading volume up. According to a report by Dapplife, XRP is the most traded cryptocurrency asset on eToro’s platform. eToro’s Twitter post read:
“eToro Traders are mixing it up and trading on various instruments.
In January 2019, the most traded instruments were $Oil and #Gold. On tech, the most traded stock was #Apple, and the most traded crypto was #XRP. (By unique open trades).
eToro, a social trading, and multi-asset brokerage firm, released data marking the token’s trade volume. In January 2019, the cryptocurrency accounted for 29,991 unique open trades and was ahead of Ethereum [ETH] and Bitcoin [BTC].
The largest cryptocurrency in the world, Bitcoin, had 25,148 unique open trades, which is less than the second-largest cryptocurrency, Ethereum, which had 26,773 unique open trades. According to the data provided by the firm, in 2019, four assets were more popular than XRP; Oil with 35,503, Gold with 32,484, Apple with 31,767, and NSDQ100 with 31,683 unique open trades.
As cryptocurrencies are not being accepted everywhere in the world and are considered to be in its nascent stage in terms of development, it recorded only 11.83% of all trading activities in the UK. Stocks reported 56.03% of the trade in the country followed by currencies, which amounted to 14.69% of all trade.
Similarly, in Germany, only 11.20% of the total investors indulged in cryptocurrency trading, and a majority stuck to trading in stocks and currencies. eToro’s recent post read:
“While there was no clear trend in the crypto market over the past 24 hours, some cryptos were seen higher, including XRP. The crypto, currently ranked 3rd overall by market cap, led the top 10 by registering gains of around 5% (at the time of writing). Despite these recent gains, XRP has not yet erased the losses suffered over the weekend, as it is still down by more than 3% for the week”.
Coinbase listing XRP and the speculation of Ripple Liquid Index on NASDAQ has caused the market sentiment to side strongly by the altcoin.
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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.