The social trading network eToro reported today that over the past year it has experienced an increase in both the relative number of users trading cryptocurrencies, and the total volume of cryptocurrencies traded on the platform.
Trader sentiment at eToro towards both Bitcoin and Ethereum has remained consistently high. Bitcoin has seen 15 consecutive months of over 80% of Bitcoin traders buying the asset, whilst sentiment towards Ethereum has been even higher, with well over 90% of Ethereum traders buying the asset since its launch on the eToro platform.
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Mati Greenspan, Senior Markets Analyst at eToro, said: “Cryptocurrency is the future of forex. And over the last 12 months we’ve seen a 4x growth in traders accessing this market. But the volume of trading has exploded even more than this, with a huge 4,500% jump.
The eToro trading community has been quick to embrace the clear opportunities in cryptocurrencies. Our users have reaped significant rewards from the sharp growth in prices over the last 12 months.
The rapid growth in the adoption and price of cryptocurrencies only marks the first few steps on the long-journey to establishing cryptocurrencies as a dominant force in forex trading. We expect cryptocurrency trading volumes to get much bigger over the coming years.
Understanding cryptocurrency as an asset class requires expertise. But with eToro’s copy functionality you can copy the trading strategies of our most successful crypto traders, and automatically be exposed to their expertise and the trades they’re making.”