According to a survey conducted by a US-based cryptocurrency exchange, Gemini, Ethereum (ETH), Bitcoin (BTC), and Cardano (ADA) currently top the list of crypto investments of choice among adults in Singapore.
It’s becoming obvious that the increase in the scrutiny of crypto across the world is indirectly boosting its popularity globally. Many are now interested in knowing what crypto investment is all about and why it’s vastly gaining traction.
Also, the crisis the world is currently facing has kept boosting its popularity, fulfilling the major reason for its creation, which is to serve as a hedge against any financial crisis. However, not all cryptocurrencies in the market are enjoying this boost in popularity.
The Break Down of the Survey Conducted By Gemini
According to the report, the survey involved over 4,300 adults. From this number, 67% have invested in at least one cryptocurrency, and 79% of them are men. The survey says 80.2% of the crypto holders are below the age of 34.
Only 20% of the crypto holders are women, while 12% of the holders earned between $55,000 and $75,000. And just 0.2% of them are above 65.
The survey went further to say that Ethereum (ETH), the second-largest cryptocurrency by market capitalization, tops the list of cryptocurrencies of choice in Singapore, as 78% of crypto holders in the country currently hold the digital asset. Bitcoin (BTC) is a little below Ethereum (ETH) with 69%.
Cardano (ADA), the rapidly growing cryptocurrency, makes up 40% of crypto holders in Singapore. It can be recalled that Cardano has been top-performing crypto for the past couple of days. It also gained more traction after breaking above $2 for the first time since May.
It’s worthy of note that the coronavirus pandemic made many Singaporeans invest in cryptocurrency as earlier mentioned.
The report reads in part as follows:
“The Covid-19 pandemic have spurred more Singaporeans to invest in crypto…
“One possibility for this could be that investors are getting increasingly educated on crypto, accelerated by the rise of the digital economy during the pandemic. Some may also view cryptocurrency as a good way to hedge against inflation.”