Which cryptocurrency is most in-demand in Azerbaijan?

Most countries have opted for a softer monetary policy to neutralize the economic consequences of the pandemic, chief of the research and investment consulting at Unicapital Investment Company Seymur Ibadov told Report.

"As a result of this policy, central banks of most countries increased the volume of money mass in circulation by reducing interest rates," the expert said.

He noted that Azerbaijan also saw a growing interest in cryptocurrencies during the pandemic.

"All these factors stimulated the investors to search for other financial tools in the period of low interest rates alongside classical investment tools. In this connection, it is possible to say that investors showed an increased interest in cryptocurrencies during the pandemic. This tendency did not bypass our country," he said.

Ibadov revealed the cryptocurrency most popular in Azerbaijan.

"The number of cryptocurrencies is measured in hundreds. From time to time, we receive information about the creation of new cryptocurrencies. While there is a significant number of cryptocurrencies, some leading cryptocurrencies are decisive in the market. Today the market cost of cryptocurrencies exceeds over $2 trillion. Bitcoin stands out among all these instruments, being the first official cryptocurrency. The second popular is Ethereum. They are followed by Cardano, Binance Coin, XRP, Dogecoin, Solana, Polkadot, Uniswap.

"Bitcoin and Ethereum account for over 60% of the overall market for their market cost," Ibadov said.