Cryptocurrency News Today – Headlines for August 5

  • The most-traded cryptos on eToro are Cardano, Tezos, BNB, and ZCash
  • The cryptos saw a month-on-month increase in trading of 500%
  • Tezos saw a 170% increase in trades on eToro

Cryptocurrency News Today – the digital assets Cardano, Tezos, Binance Coin, and ZCash have become the most traded cryptos on the eToro investment platform. Innovation appears to have drawn in a large number of investors into trading altcoins. This can be confirmed from the most recent data taken in July after the investment platform eToro showed that several digital tokens saw a month-on-month rise of more than 500%.

According to the press release by eToro, the company claims that Cardano’s ADA token was the number three most popular coin on its platform. ADA had a trading volume of 97% compared to June. Meanwhile, Zcash and Tezos saw huge upticks in their trading, but non came come close to Binance Coin. BNB’s trading increased by 520% last month.

Investors Looking to Invest in Altcoins

The stable price action that Bitcoin saw in July has led to an interesting situation in the crypto market. It triggered a huge uptick in the trading volume of altcoins. While it is hard to tell whether the growth was fueled by speculators who are looking to turn in profit on the sudden volatility of market or investors who are looking to expose themselves to cryptos for the long-run, the fact remains that July was a good month for altcoins.

According to the most recent data from eToro, all the digital tokens that saw major upticks in their trading volume on its platform made some recent major upgrades to their protocols. Via a press release eToro revealed that Cardano’s ADA has become the third most popular digital currency on its platform. It comes after Bitcoin and Ethereum. ADA’s trading volume went up by 97% last month compared to the previous month (that is June).

Logistical Enhancements Triggered the Volume Increase on eToro

Also, according to eToro the other coins that saw “logistical improvements” in July were popular among investors. They include Zcash’s Heartwood hard fork (294%) in trading volume. Last month ETH 2.0 helped Ethereum’s trading volume grow by 89%. After revealing that China’s BSN (Blockchain Service Network) will be hosting its network, Tezos posted a 170% increase in trade volume on eToro. This pushed the digital asset to number four among the most popular crypto on eToro.

However, not one of the above-mentioned digital assets came close to Binance Coin. The native crypto of Binance exchange (the biggest cryptocurrency exchange in the world) saw more than $60 million worth of digital coins destroyed in its 12th quarterly burn in July 2020. The prospect of reduced supply could have brought in investors to BNB. The token saw an impressive 521% increase in trades on the eToro platform last month.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.