LONDON, April 27, 2017 /PRNewswire/ --
- Volume of cryptocurrencies traded on eToro has grown 4,500% in the last year
- Number of cryptocurrency traders has grown 4X in just 12 months
With a review of the SEC's decision to block the world's first Bitcoin ETF now on the horizon and the price of Bitcoin hitting an all-time high, trading and investing in cryptocurrencies is set to gain further momentum following a remarkable 12 months of growth. Cryptocurrency trading has exploded over the last year, with leading online trading and investment community eToro reporting huge increase in both the number of users trading cryptocurrencies, and the total volume of cryptocurrencies traded on the platform.
So far this year, the number of eToro users trading CFDs in cryptocurrencies has increased four-fold compared to the same period last year. Across the same time period, the volume of cryptocurrency trades on the platform has increased by 4,500%.
This year eToro added Ethereum to its platform, meaning users can now access this coin alongside Bitcoin, which has been live on eToro since 2014.
The opportunity for traders created by volatility in the value of cryptocurrencies has been one driver of this growth. The price of Bitcoin has increased from $430 at the start of last year, to over $1,300 today. Ethereum has seen even sharper gains moving from around $10 at the start of last year to over $50 today.
Trader sentiment 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.
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."
eToro is a leading online trading and investing community. The award-winning platform connects you with a global, growing network of six million users, with expertise in everything from short-term trading in Bitcoin to long-term investing in bank stocks. Learn from and copy the best investment strategies and become a leading trader yourself. eToro is the next-generation hub for traders and investors of all shapes and sizes.
Investment products offered by eToro are contracts for differences (CFDs) in currencies, stocks, commodities, indices and exchange traded funds (ETFs). These products carry a high degree of risk and are not suitable for many investors.
If the market moves against you, you may sustain a total loss greater than the funds invested in a specific position. You are responsible for all losses on your account up to the equity in your account.
* All trading involves risk. Only risk capital you're prepared to lose. Past performance is not a guide to future performance.
Alexandra Feast, Headland Consultancy, [email protected] , +44(0)20-3805-4845
Anne-Charlotte Duhaut, Headland Consultancy, [email protected] , +44(0)20-3805-4862