With the recent DeFi boom, the crypto community is now seeing other digital assets beating the price movement of Bitcoin as according to eToro’s report for Q3, NEO and TRON experienced the largest price increase in Q3.
According to the report titled “What Moves the Prices of Cryptoassets: Q3 2020 Quarterly Report,” NEO and TRX experienced a +87.1% and +55.9% quarter-over-quarter (QoQ) change in Q3 of 2020, respectively. During the same period, Bitcoin (BTC) saw an only +16.5% increase.
According to the report, NEO experienced the largest price increase (87.1%) in Q3 of 2020, follows by TRX. Ethereum Coin ETH comes at number 3 with +55.6%, XRP at 4 with +36.5%, IOTA at 5 with +24.9%, Zcash at 6 with +21.6%, BTC at 7 with +16.5%, Litecoin (LTC) at 8 with +10.8%, Stellar at 9 with +9.6%, and EOS at 10 with +8.9%.
As reported, NEO kicked off Q3 by announcing the launch of the InterWork Alliance (IWA), a platform-neutral organization to accelerate blockchain technology innovation. Other activities that put NEO in highlights include its partnership with Blockchain-based Service Network (BSN) and the release of Neo3 Preview3, on August 7th, focused on protocol improvements and bug fixes to provide a more stable platform for community teams to work on.
Furthermore, NEO also launched its DeFi protocol, Flamingo Finance, at the end of September. “Despite being the best performing asset on eToro US, trading volumes on NEO didn’t even crack the top 10 on the platform,” says the eToro report. While it was not in the top 10 trading assets on eToro US, on Global ranking, NEO occupies the number 8 spot in the top 10 assets by trading volume in Q3 with a +153% increase.
The event behind Tron’s TRX growth is the launch of its DeFi platform, JustSwap. During Q3, the TRX price was appreciated by 55.9%. When it came to trading volume, TRX saw the largest spike in trading volume on eToro global with a 203% increase. The coin experienced a similarly large increase in trading activity within the US for eToro, surging by 180%.
The report further says:
“While XRP was the third most traded crypto asset on eToro globally, surging trading volumes on Zcash and Tezos pushed both coins’ volume above XRP’s within the United States.”
Among the top 10 crypto assets by trading volume, Bitcoin saw a drop in trading volume on eToro global with an -38% change but experienced a 17% surge in eToro US.