Saturday, April 10, 2021

Investors See Alternative to BTC in Cardano (ADA) – eToro’s Resident Crypto Expert

Cardano (ADA) is becoming the choice of many investors, as they seek an alternative crypto-asset to the flagship digital currency, Bitcoin (BTC).

Bitcoin (BTC), the largest cryptocurrency by market capitalization, is currently trading above $50,000. It seems too expensive unlike a decade ago when it was seemingly very cheap. So, Investors are looking for cryptocurrencies with a promising prospect.

Read Also: Cardano (ADA) Has Officially Advanced into Multi-Asset Era Following Successful Mary Hard Fork

Simon Peters Says Cardano (ADA) is Becoming Investors’ Choice

According to eToro’s resident crypto expert, Simon Peters, in a report titled “The next Bitcoin? Investors flock to new cryptocurrency ‘ADA’” published by mainstream media in Australia, Cardano (ADA) is becoming investors’ top choice as they seek an alternative to Bitcoin.

At the time of filing this report, Cardano (ADA) is priced at $1.13 and occupying the 5th position in the cryptocurrency market. But those who joined Cardano’s bandwagon in 2020 bought ADA at around $0.2 per coin.

According to eToro, the multi-brokerage trading firm, the digital token ADA experienced a relatively 157% surge in trading in February, when it recorded a new all-time high of $1.45.

Read Also: Elon Musk Just Changed His Twitter Bio To “meta for k”, Is He Really Trolling Cardano (ADA)?

He also mentioned other tokens that are gaining investors’ interest, including IOTA (MIOTA) and Tron (TRX).

Simon Peters of eToro said investors want a digital currency that would allow them to be fully involved in the next crypto boom just like those who held a lot of BTC 10 years ago when it amounted to nothing compared to its current prices.

Simon Peters noted:

“The market is evolving. Rather than focus solely on bitcoin and Ethereum, where many investors can only own a fraction of one coin, we are seeing increasing demand for coins priced like bitcoin and Ethereum were a few years ago,”

“Investors are looking for the next bitcoin, meaning they’re investing in cheaper tokens like Cardano’s ADA, IOTA, and Tron, all of which are priced around the $1 mark.

Read Also: Cardano’s New Yoroi Mobile Released with Support for the Upcoming Mary Protocol Upgrade

“We believe this year could see this hunt for the next bitcoin intensify, as the market widens and other coins gain their own following.”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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