The cryptocurrency market has literally exploded in recent times as digital assets are gaining recognition in various economic sectors around the world. The latest twist seems to involve one of the largest online trading platforms in the world, eToro. eToro has just announced the quotation of Chainlink and Uniswap as part of the tradable digital assets available on its platform.
This comes soon after Coinbase, another hugely popular cryptocurrency exchange, went public and achieved great results for the market. These crypto-focused developments give the impression that the blockchain and crypto industry is still booming. And also, that it has the ability to totally change the way the business is conducted.
"Explosion of the appetite of retail investors"
EToro's decision to add two of the best coins is not without foundation. According to Doron Rosenblum, eToro's VP of Business Solutions, eToro's move to the Chainlink and Uniswap list was a reaction to market demands. Retail investors have focused more on cryptocurrencies and this makes a great move to expand their field of choice by listing more qualified cryptocurrencies. Uniswap is at position 11 in the charts while Chainlink is at 12.
The listing of these two assets on eToro exposes them to over 20 million users around the world. People can now buy, store and sell them on the platform just like they do on other cryptocurrency platforms. This means that the user base for the two assets has expanded exponentially and this could soon have a positive impact on their market position.
More tokens to add
After listing Chainlink and Uniswap, eToro brings the number of cryptocurrencies available for trading on its platform to 18.
These include Uniswap, Chainlink, Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Dash, XRP, Neo, EOS, Cardano, Litecoin, IOTA, Stellar, BNB, Tron, Zcash and Tezos. However, XRP and BNB are not available for trading by US based users. The trading platform has plans to list even more crypto assets in the near future.
As for cryptocurrencies and their value in general in recent days, here's a little insight.
Bitcoin had a depressing weekend session as the cryptocurrency plunged violently to $ 52.000, causing a wave of liquidations in the futures market. Looking ahead, BTC fell from $ 60.500 to around $ 52.000 within hours after rumors that the US government was preparing to charge financial institutions for money laundering using cryptocurrency.
Notably, bitcoin quickly recovered to around $ 53.000 and has held above $ 55.000 since then. It is critical for bitcoin to win back $ 57.000 in the short term, as it would confirm that the weekend market drop was a purely technical and unrelated to fundamentals pullback. This will strengthen the reasons for further gains.