What to buy on eToro? August data: Ethereum, Ripple trading volume doubled, EOS grew by 640%

Despite a more than 10% drop in the cryptocurrency market since yesterday (9/3), the overall performance this year has still attracted the attention of traditional investors. According to the latest data from the well-known global brokerage platform eToro, retail investors in August once again showed a strong interest in Bitcoin, as well as mainstream altcoins such as Ethereum and Ripple.

eToro Analyst Bullish on Bitcoin

eToro's cryptocurrency market analyst, Simon Peters, noted that top altcoins saw significant growth in August, especially Tron and EOS, with Ethereum benefiting from the DeFi effect, pushing its price close to $500.

Regarding the recent announcement by Federal Reserve Chairman Powell on the "average inflation targeting policy," Peters believes this will have a positive impact on Bitcoin's outlook, stating:

The Fed is now targeting an average inflation rate, aiming to keep inflation stable at 2% over the long term. However, this policy will lead to a period of stagnant inflation, followed by a period of inflation above the target. Historically, raising interest rates has been the Fed's tool to prevent excessive inflation. But with this new policy, even if inflation exceeds 2%, Powell and the Federal Open Market Committee (FOMC) are unlikely to take action.

More and more people view Bitcoin as a hedge against inflation. I hope Powell's "average inflation targeting policy" will attract more retail and institutional investors to Bitcoin, Peters added.

eToro CEO Named in Fortune's "40 Under 40"

Fortune magazine listed the 40 most influential individuals under 40 in 2020 on September 2nd, covering finance, technology, politics, healthcare, and media, with 40 honorees in each category. eToro CEO Yoni Assia made the list.

Assia, an early Bitcoin investor, was active in forums like Bitcointalk in 2010, learning about Bitcoin's operation and related principles. He believes the blockchain craze is different from the dot-com bubble of the past, emphasizing:

"My long-term view is that selling cryptocurrencies now is like selling Apple stock in 2001."