Ethereum, Bitcoin and Cardano are the most heavily invested coins in cryptocurrencies in Singapore, according to a recent survey by the crypto exchange Gemini on the investment behavior of adults in Singapore.
The survey included responses from over 4,300 adults, 67% of whom held cryptocurrencies. 79% of the crypto owners are men and 80.2% of these are under 34 years of age. “The” average “crypto owner is believed to be a 29-year-old man with an average annual household income of about $ 51,968 a year,” the report said.
Only 1 in 5 crypto holders was female, 12% of all holders earned between $ 55,000 and $ 75,000, and only 0.2% of holders were over 65 years of age.
Ethereum, Cardano appear among the top owners
Ethereum, the most widely used blockchain in the world, was the number one choice among investors in Singapore. Almost 78% of all owners have bought Ethereum. Bitcoin, the world’s largest cryptocurrency, followed with 69% adoption among buyers.
Cardano, the world’s fourth largest cryptocurrency by market capitalization, ranked third in Singapore at 40%. ADA stormed into the top four largest cryptocurrencies by market capitalization earlier this week, trading at $ 2.20 due to positive fundamental developments.
Other important positions were Binance Coin (BNB; 31%), Ripple (XRP; 25%), Tether (USDT; 25%), Polkadot (DOT; 22%) and Chainlink (LINK; 18%). The survey found that women are more likely than men to hold or act XRP and DOT.
Of the 2,862 people who have invested in cryptocurrencies, two-thirds said they invested more in cryptocurrencies due to the ongoing Covid-19 pandemic. “The Covid-19 pandemic has prompted more Singaporeans to invest in cryptocurrencies,” the report says, and continues:
“One possibility for this could be that investors are increasingly educated about cryptocurrencies, which was accelerated by the rise of the digital economy during the pandemic. Some also see cryptocurrencies as a good way to hedge against inflation. “
Proof of text: Cryptoslate