Study: Ethereum overtakes bitcoin in popularity in Singapore

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).

conducted among

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.

among men ranges

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.

the pandemic accelerated

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.

See our full guide to trading Ethereum, or start your research with reviews of these regulated crypto brokers and exchanges available.

Related Posts

Suspected masterminds of $62m cryptocurrency laundering scheme detained in Australia

Centre consortium launches USDC stablcoin on Hedera Hashgraph blockchain

Morgan Stanley chief says clients have little interest in bitcoin

Vatican criticises role of cryptocurrencies in illegal migration