Study: Ethereum overtakes bitcoin in popularity in Singapore

Singaporeans investing in digital assets prefer Ethereum, while bitcoin is only the second most popular coin. That's according to a survey by cryptocurrency exchange Gemini, financial platform Seedly and analytics service CoinMarketCap.

The survey was conducted among the country's 4,348 adult citizens. According to its results, 2,862 respondents (67%) hold cryptocurrencies in their portfolios. Of these, 2,236 (78%) invested in Ethereum, 1,975 (69%) in bitcoin and 1,141 (40%) in Cardano (ADA).

According to the survey, 81% of respondents invested in cryptocurrency for the long term, while 58% are focused on short-term deals.

According to the researchers, the average annual income of survey participants among men ranges from $45,000 to $55,000, while among women it ranges from $55,000 to $75,000.

In addition to bitcoin and Ethereum, women prefer XRP tokens from Ripple and the Polkadot (DOT) project. Men are more likely to transact with Tether's USDT Stablecoin.

Two-thirds of the 2,862 respondents who invested in digital assets took the step because of COVID-19. In May, analysts at The Economist Intelligence Unit said the pandemic accelerated the adoption of cryptocurrencies.

The researchers cited a lack of knowledge and understanding, high risks and inadequate regulatory oversight as deterrents.

Bitcoin exchange Gemini previously found that about 63% of Americans are interested in digital assets, although they do not own them. More than half of those surveyed were women.

As a reminder, bitcoin was the most recognizable coin among US citizens. Dogecoin, a meme-cryptocurrency, came in second place, followed by Ethereum.