Larger cryptoassets have retained investor confidence, with prices overcoming a sluggish start to 2023 to finish the quarter strongly, according to the latest data from online broker eToro.
The social trading and investing platform’s quarterly update shows that the top 10 most held cryptoassets remain largely unchanged since Q4 2022. Bitcoin, Cardano and Ethereum occupy the top three spots, as in the preceding quarter.
The biggest moves were seen in smaller tokens, with Terra 2.0 (+110%), Fetch.ai (55%) and Immutable X (47%) seeing the largest increase in users. Outside the top ten, there were double-digit rises for many other smaller tokens, as investors looked to diversify their crypto portfolios and find lower price entry points.
Simon Peters, Crypto Market Analyst at eToro, commented:
“After a difficult 2022, it looks like crypto may have turned a corner, with March’s performance providing optimism that 2023 could be a much better year for investors, with bitcoin up over 68% YTD. The vast majority of our users invested in crypto have held firm on their positions over the last 12 months and many will now have a close eye on another potential bull run in the asset.
“We have also seen strong interest in several lesser-known cryptoassets. As with stocks, some investors like to buy lower priced, less mainstream coins in the hope of strong returns. Understanding the use cases of each crypto is vital when adopting this approach, but with readily available information, reading up and understanding their USPs means investors can get behind smaller projects very early.”
