- Ethereum, Bitcoin, XRP, and Tezos saw a month-on-month increase in trade
- Investors opted for EOS and TRON to take part in the altcoin rally
- Trading activity was up in all digital assets in August except Cardano
Ethereum News Today – according to data given by global investment firm eToro, retail investors returned to big cap altcoins like Ethereum and XRP in August. There was also a renewed interest in the number one coin Bitcoin. All the tokens in the top 10 saw a monthly increase in trade activity (with investors taking their positions in a broad range of top cryptos) apart from Cardano. Ethereum saw a strong rise in popularity.
eToro reported that in August, the platform posted a 123% increase in trade activity. Ethereum’s platform has been an essential beneficiary in the exponential rise of DeFi (decentralized finance). Even though the potential of this technology has been a hot topic in the ecosystem since 2017, it only exploded in August 2020. Ethereum also launched the Medalla testnet in August as it begins plans to move to a PoS (proof of stake) consensus mechanism.
There Was a Massive Rise in the Trade Activity of Several Assets
Both EOS and Tron saw massive increases month on month in trade activity. The two coins enjoyed a positive price movement in August. Meanwhile, other altcoins tailed off. The latter saw a 640% rise month on month according to eToro. EOS also jumped from the number 15 most traded crypto to number 7 in August. TRON moved, from 12th to 8th after a 390% increase in trade activity. EOS rose by 28% year-to-date.
Meanwhile, TRON went up by 126% on the same metrics. Cardano dropped to 5th with a 21% drop in investment according to eToro. Despite successfully implementing the Shelley upgrade, Cardano’s price still fell from $0.139 to $0.117 in August. Tezos moved up one position to 4th. Its trading activity went up by 1365% in August.
Ethereum Was the Home Ground for Investors Last Month
Investors also rushed into the Ethereum network in August. The network’s co-founder Vitalik Buterin and his team continued with their much anticipated ETH 2.0 upgrade. The launch of the Medalla testnet last month is an important development before Eth 2.0 upgrade. It faced a few teething issues but was a step for the network in the right direction. The coins’ price rise is a statement of intent triggered by DeFi.
The increase in trade activity in Ethereum is a sign that investors now recognize the potential in DeFi. Tezos also saw a significant rise in trade according to eToro. The crypto was trading lower against BTC at the beginning of August. Experts believe this encouraged some inflows to the coin. After announcing a collaboration with China’s Blockchain Service Network, Tezos has now announced the integration of Harbinger price oracles.