Traders on social trading platform eToro say XRP is the most frequently traded cryptocurrency by unique open trades. Its January report shows that XRP also trades ahead of Amazon, and follows closely behind oil, gold, Apple and the NSDQ100.
In January 2019, Apple topped the list as the most frequently traded stock with oil and gold as the most traded instruments.
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). #eToroInsights pic.twitter.com/R3ihXCJZBY
— eToro (@eToro) February 26, 2019
Dapp Life highlights eToro’s insights indicating that XRP contributed to 29,991 unique open trades. Bitcoin open trades totaled 26,773 and Ethereum open trades followed with 25,148.
More traditional financial instruments topped the platform.
- Oil with 35,503
- Gold with 32,484
- Apple with 31,767
- NSDQ100 with 31,683
eToro also reveals that stocks remain the preferred choice for UK-based investors. In January, 11.83% of UK-based investors traded cryptocurrencies.
As for the state of the crypto market overall, eToro senior market analyst Mati Greenspan explained why bull runs don’t happen overnight in a new interview with Crypto Zombie.
“Right now we are in a bear cycle. We saw some positive movements over the last few days, and I’m very happy about that. We saw volumes coming back into the market for the first time in months which is wonderful, but you don’t go from bear market to moon overnight.
The bull market of 2017 actually started in 2015. Once there was that quietness, the market was able to bottom out very gradually. If you look at the chart over that time period you will see that it just kind of did some gradual gains like 1% or 2% in a month as people started using it for its original purpose. And then you got to the point where it’s 5% a month, 10% a month and then all of a sudden 2017 it started going 5% a week, 10% a week, and at the end of 2017 it’s like 50% a day.
So that type of optimism and exuberance takes a while to build up. It doesn’t happen overnight. I think the most healthy way for Bitcoin going forward would be this kind of more gradual rise. The volatility when you see $20,000 coming back down – it’s fun to run up but it’s not fun to come down.”