New Report By e-Toro Dispels Several Myths About Cryptocurrencies
A new report is out thanks to the work of both Tie and the cryptocurrency exchange e-Toro. According to the document, cryptocurrencies everywhere are continuing to mature at a rapid rate.
e-Toro Lets Us in On New Data About Crypto
The latest material in the report contradicts several anti-crypto theories that they are either not real assets or are strictly driven by the fear of missing out (FOMO). In addition, cryptocurrencies are suggested to be completely unique and do not share market factors similar with traditional assets. In fact, they stand completely alone.
Guy Hirsch – the US managing director for e-Toro – explained in a recent interview:
There are many elements driving the price of bitcoin, ETH, and the many other altcoins currently dominating news headlines about our industry. Knowing what’s behind these directional moves will only help investors become more familiar with them and help to grow our rapidly developing industry.
Some of the report’s most important findings include one that suggests the announcement of a sudden listing or partnership really doesn’t do as much as one might initially think. It is discovered that many coins listed on certain trading platforms or exchanges only grow for a certain period, and usually find their hype wearing off within a relatively short window.
For example, Aragon (ANT) is discussed in the report as gaining approximately 24 percent in price when it was listed on OKEx. From there, the coin garnered an additional 164 percent given that it was also listed on both Huobi and Binance, though it only took about a day or so for much of these gains to vanish without a trace.
The report also says that token burns often lead to the biggest price gains for altcoins throughout the digital space. Often, a token that has seen many of its units burn will experience a 100 percent price jump within about 24 hours. Sadly, these spikes often do not last long.
From there, business mergers and large funding announcements will typically lead to price jumps and other positive token results that last more than seven days. One such example brought up in the document is the acquisition of Blockfolio by FTX. The latter gained a wide array of new customers, and as a result, the price of its native exchange coin surged by more than 30 percent within a week.
Some of the Biggest Influencers
Some of the report’s other findings include the facts that regulatory news stories have large effects on crypto prices and airdrops are most supported by Twitter and similar social media platforms.
e-Toro initially opened for business in 2007, though its US trading platform wasn’t launched until March of 2019. At less than two years old, the exchange has already experienced a surge in its US customer base that exceeds 200 percent.