Digital asset investors coalesced around big crypto names in 2022 as the market faced significant price volatility, according to an annual report released by eToro today.
The review states Bitcoin retained the top spot among the platform’s most held crypto assets, with the number of users holding open positions increasing by 20% year-on-year as Ether (2%) and Solana (+33%) also saw significant risers in the top 10.
Among those losing ground over 2022 were TRON (-11%), Shiba (-5%) and IOTA (-4%). There was little overall change in the top 10 most held crypto assets over 12 months. Decentraland fell to 12th place from 10th, despite open positions rising by 1%. Decentraland was replaced in the top 10 by Solana, which rose from 12th a year ago.
“2022 was a tough year for crypto asset investors, with significant price volatility that the market hasn’t experienced since 2018,” explained Simon Peters, crypto market analyst at eToro.
“Our data from 2022 shows that investors sought safe haven cryptos such as Bitcoin and Ether. Bitcoin stands apart from other projects as it is the original decentralised cryptoasset, while Ethereum has seen high-profile developments in the past year, including the much anticipated Merge.”
| Most widely held cryptoassets with eToro 2022 vs 2021 | |||
| Cryptoasset | 2022 ranking | 2021 ranking | % change in users |
| Bitcoin | 1 | 1 | +20% |
| Cardano | 2 | 2 | -2% |
| Ethereum | 3 | 3 | +12% |
| XRP | 4 (up 1) | 5 | +1% |
| Dogecoin | 5 (down 1) | 4 | -3% |
| Shiba (in millions) | 6 (up 1) | 7 | -5% |
| TRON | 7 (down 1) | 6 | -11% |
| Stellar | 8 | 8 | -5% |
| IOTA | 9 | 9 | -4% |
| Solana | 10 | 12 | +33% |
Outside of the top 10, the cryptoassets that experienced the largest growth in open positions on the eToro platform over 12 months were The Sandbox (+203%), Quant (+52%) and Axie Infinity (+32%). These cryptoassets rank 27th, 41st and 39th respectively on the platform for open positions.
| Cryptoasset which saw biggest rise in open positions with eToro in 2022 | |
| The Sandbox | 203% |
| Quant | 52% |
| Axie Infinity | 32% |
| Solana | 33% |
| Filecoin | 27% |
| Cosmos | 26% |
| Algorand | 25% |
| Polygon | 20% |
| Bitcoin | 20% |
| Celo | 19% |
“Despite the volatility of the past year, around half of the crypto assets on the eToro platform with at least 12 months of data have shown growth in open positions,” Peters added.
“This would suggest investors have continued to look toward the crypto asset market for investment ideas and may have even been looking to pick up crypto assets at a discounted price thanks to market weakness.”
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