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XRP, Bitcoin are the most bought coins on Coinbase



XRP, Bitcoin most bought coins on Coinbase
Source: Unsplash

Looking back at 2019, altcoin XRP witnessed a major drop in its price throughout the year. Currently priced at $0.193, XRP is at its yearly low. Despite XRP’s price, the altcoin stands as the third-largest coin with a market cap of $8.39 billion. Additionally, Grayscale’s report also suggested that XRP had gained “momentum among both financial as well as individual users.” CryptoDiffer’s latest report gave more insight.

CryptoDiffer’s latest report focused on the top coins held in prominent cryptocurrency exchange, Coinbase. As per the report,  Bitcoin was the most held coin on Coinbase, with a typical hold time of 89 days, Ethereum’s ETH followed right behind and the typical hold time for the altcoin was about nearly 105 days.

Source – CryptoDiffer

Litecoin was ranked third with a hold time of over 125 days. Lesser-known coin ZRX had the highest hold time of about 142 days. Ethereum Classic‘s ETC had the second-highest hold time of nearly 130 days.

Another notable aspect of the chart revealed trading activity of the cryptocurrencies. This is where XRP was ahead of other prominent currencies. As seen in the chart below, XRP was being bought more than it was being sold.

Source – CryptoDiffer

About 76 percent of XRP was being bought, making it the highest bought cryptocurrency and only 24 percent of the coin was sold. With 74 percent, Bitcoin was the second most bought coin on Coinbase and about 26 percent of the king coin was sold. ETH and LTC recorded a 66 percent and 56 percent of buying activity, respectively. A Twitter user also affirmed the same,

MakerDAO’s DAI and Brave’s Basic Attention Token [BAT] were seen recording the lowest buying activity and the highest-selling activity.

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Sahana is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector across geographies.