Bitcoin the most popular; Litecoin the longest-held crypto, suggest new Coinbase stats
The San Francisco-based cryptocurrency exchange, Coinbase, recently enabled three important trading signals for its users. The exchange announced this through a blog post published on July 18, a service that would provide customers with trusted, up-to-date, and exclusive data to manage their cryptocurrencies. The tweet shared by Coinbase read,
“What exactly are trading signals? Up-to-date and trusted data on top holder activity, typical hold time, popularity on Coinbase, and price correlations. Trading signals are meant to help our customers build a data-driven investing strategy.”
Taking advantage of this feature, Alex Kruger, a popular economist and crypto-trader, checked out the most popular cryptos on Coinbase, along with the holding time for each popular crypto. The most popular crypto was no surprise. However, the holding time for each of these cryptos was astonishing. The holding time for a crypto gives more information about market sentiments at a particular time. Kruger made his discovery public and said,
Bitcoin might have taken the popularity award. However, when it comes to holding, Litecoin [LTC] took the cake with 119 days of holding period. As LTC halving approaches, the community, which was praying for the coin’s journey to the moon, is going through a rough patch. However, the coin was seen making a recovery effort.
Apart from Litecoin, 0x [ZRX] had an impressive holding time of 108 days. Further, in terms of popularity, it ranks seventh, still ahead of major cryptos like EOS. EOS had a holding time of six days, which is shocking as it is the eighth largest cryptocurrency in terms of market cap on CMC.
Dai ranked first from the bottom as it noted a holding period of one day according to the stats provided by Coinbase. It was ranked 13th on the popular cryptos list, right above stablecoin, USDC, which has a four-day hold time.