- Bitcoin takes top spot as the most popular crypto among Australian investors on eToro
- Opened positions in the original cryptocurrency increased 223% year on year in 2021
- Cardano, Dogecoin, and Shiba Inu are rapidly gaining popularity with investors
Despite the creation of countless new cryptocurrencies since the creation of Bitcoin (CRYPTO: BTC), the original decentralised protocol remains the most popular among investors. However, newer names are attracting plenty of attention in their own right.
More than 16,000 cryptos exist in 2022. Though, the market capitalisation of Bitcoin accounts for 39.4% of the entire value of all crypto assets combined. Similarly, investment platform eToro recently published data showing Bitcoin as the most popular cryptocurrency among its investors.
Here’s a closer look at the platform’s findings of 2021.
What cryptos made it into the average portfolio in 2021?
Last year was a rollercoaster year for most cryptographic assets, taking investors along for a wild ride. Fortunately, 2021 would go down as a positive return provider for some of the major cryptocurrencies — including Bitcoin and Ethereum (CRYPTO: ETH).
According to eToro’s data, Bitcoin trumped other crypto investments to take out the top spot as the most open position, both globally and in Australia. Moreover, opened Bitcoin positions increased 223% year on year as the cryptocurrency climbed in price from A$41,790 to A$65,670.
On the global stage, Bitcoin’s position was unchanged at number one. Whereas, in Australia, Bitcoin lifted from the third spot to number one, as shown below.
|Cryptoasset||2021 ranking||Ranking change|
|Shiba Inu (SHIB)||4||New|
Interestingly, Cardano (CRYPTO: ADA) secured second place in 2021, jumping up seven spots. This cryptocurrency is mostly in competition with Ethereum, having successfully used a proof-of-stake consensus mechanism. Notably, the staking method provides holders with the potential for passive income from staking their crypto.
eToro’s Australian market analyst, Josh Gilbert touched on the income opportunity made available by Cardano and others, stating:
Crypto has definitely hit the mainstream in Australia throughout 2021. Australian investors are looking for ways to capitalise on income opportunities, so it’s no surprise to see the two cryptoassets that provide staking rewards, ADA and TRX, in the top 10 list.
Who let the dogs out?
After making a splash onto eToro’s platform in 2021, Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) rapidly gained popularity, cementing their spots as sixth and fourth most popular among eToro investors respectively.
Despite being based on a meme, these tokens have been taken seriously among investors, featuring in the top 10 most popular in Australia. However, a disconnect between popularity and worth still exists for these dog-themed cryptos. At present, Dogecoin and Shiba are ranked eleventh and fourteenth in terms of market cap.