Nearly three-thirds of the Singaporean population has already invested in cryptocurrencies, with males under 34 being the dominant part. Interestingly, though, ETH is the most popular digital asset among locals, with BTC, ADA, and BNB trailing behind it.
Singaporeans Like Crypto
By partnering with CoinMarketCap and Seedly, the US digital asset exchange Gemini surveyed over 4,000 people in the Asian country to determine their general perception of the cryptocurrency landscape. The report, titled “The State of Crypto in Singapore,” estimated that “67% of respondents that have financial investments, currently hold cryptocurrency in their portfolio.”
Somewhat expectedly, the majority were men with roughly 80%, and especially such aged under 34. With less than one woman per five investors, the paper concluded that the “average” digital asset investor is “likely to be a 29-year-old male with an average annual household income of about $51,968 a year.”
While on the topic of annual income, the study noted that only 1.3% of holders receive more than a quarter of a million dollars yearly. In contrast, those with no income or less than $15,000 were 13.9% and 13.7%, respectively.
Out of the remaining 33% who said they had no exposure to digital assets, roughly one-third were planning to purchase their first tokens in the next year.
ETH Ahead of BTC
When it came down to what precise digital assets holders have bought, the results could be defined as surprising to some extent. The largest and arguably most popular cryptocurrency – Bitcoin (BTC) – didn’t take the first position.
Instead, the second-biggest, Ethereum (ETH), grabbed 78% of the answers. BTC was next with 69%. The gap between those two and the ones that ranked next is quite substantial.
Cardano (ADA), which has surged in popularity and USD price in recent weeks, occupied the third spot with 40% of the votes. Binance Coin – which has traded the position of third-largest crypto with ADA – is next with 31%. Ripple (25%), Tether (25%), Polkadot (22%), and Chainlink (18%) complete the top eight.
“With ETH, BTC, and ADA being the most popular cryptocurrencies across both genders, females actually hold and trade XRP and DOT more than their male counterparts. USDT, on the other hand, is more popular among male crypto holders.” – concluded the report.