Polish investors were looking for cryptocurrency safe havens in 2022

Cryptocurrency investors clustered around the big name cryptocurrencies in 2022 as the market struggled with significant price volatility. Bitcoin held the first place among the most held cryptocurrencies in eToro, with the number of eToro users with open positions increasing by 2,3 percent. year-on-year, with ether (-1,7%) and Cardano (-1,9%) also maintaining their positions in the top three, despite slight declines along the way.

In a nutshell:

• No change in the top XNUMX: all top cryptocurrencies maintained their place in the ranking for the second quarter in a row;
• Bitcoin recorded 2,3 percent. increase in open positions in 2022 despite price volatility;
• Solana also saw a slight increase in the top 10 with open positions up about 1%;
• Outside the top ten, Polygon grew 10,2 percent.

The most popular cryptocurrencies among Poles

Among those projects that lost ground were Shiba (-2,1%), Terra Classic (-2,3%) and TRON (-4,5%). Over the past few months, there has been little overall change in the top XNUMX most held cryptocurrencies.

Simon Peters, cryptocurrency analyst at eToro, commented:

The year 2022 was difficult for cryptocurrency investors due to significant price volatility, which the market has not experienced since 2018. Our 2022 data shows that investors were looking for safe-haven cryptocurrencies like bitcoin and ethereum. Bitcoin stands out from other projects because it is the original decentralized cryptocurrency, while Ethereum saw high-profile events last year, including the highly anticipated The Merge.

Source: data from the eToro platform 00:00 January 1, 2022

Outside of the top 10,2, the cryptocurrencies that saw the biggest increase in open positions on the eToro platform over the last quarter included Polygon (+3,7%), Build and Build (+0,9%) and Solana (+17 .16 percent). These cryptocurrencies rank 9th, XNUMXth and XNUMXth respectively on the platform in terms of open positions.

Source: data from the eToro platform 00:00 January 1, 2022. Past performance is not a guide to future performance.

Simon Peters added:

Despite last year's volatility, some cryptocurrencies on eToro platform with at least 12 months of data showed an increase in open positions. This would suggest that investors were still looking towards the cryptocurrency market for investment ideas, perhaps even looking to pick up cryptocurrencies at a discount due to market weakness.

The data in the tables shows the top 10 cryptocurrency risks and the top 10 open cryptocurrency positions held by global investors on the eToro platform in 2022 and 2021; do not include positions held as CFDs or in Smart Portfolios. Accurate data as at December 31, 2022.