Ethereum (ETH), Cardano (ADA) are crowd favorite cryptos in Singapore

Bitcoin · Cardano · Ethereum › Singapore › Adoption

Over 78% investors in the island city have invested in the world’s second-largest cryptocurrency, with 40% punting on the third-largest one.

Shaurya Malwa · August 18, 2021 at 8:00 am UTC · 1 min read

Ethereum (ETH), Cardano (ADA) are crowd favorite cryptos in Singapore

Ethereum, Bitcoin, and Cardano are the most invested in cryptocurrencies in Singapore, a recent survey by crypto exchange Gemini on the crypto investing behavior among adults in Singapore found.

The survey sampled responses from over 4,300 adults, of which 67% held crypto, 79% of crypto holders being men, and 80.2% of such holders being under the age of 34. “The “average” crypto holder is likely to be a 29-year-old male with an average annual household income of about $51,968 a year,” the report noted.

Just 1 in 5 crypto holders were women, 12% of all holders earned between $55,000 to $75,000, and a tiny 0.2% of holders were above the age of 65.

Ethereum, Cardano emerge among top holdings

Ethereum, the world’s most-used blockchain, was the premier investment of choice for Singapore’s crypto holders, with 78% of all holders owning the asset. Bitcoin, the world’s largest crypto, followed by a 69% adoption among buyers.

Cardano, the world’s third largest crypto, came third, making up 40% of all holder wallets in Singapore. ADA token stormed into the top three largest cryptocurrencies by market cap earlier this week, reaching as high as $2.20 on the back of positive fundamental developments.

Other major holdings were Binance Coin (BNB; 31%), Ripple (XRP; 25%), Tether (USDT; 25%), Polkadot (DOT; 22%), and Chainlink (LINK; 18%). As such, the survey found females were more likely to hold or trade XRP and DOT more than males.

Meanwhile, out of 2,862 people who invested in crypto, two-thirds of them said they invested more into crypto because of the ongoing Covid-19 pandemic. “The Covid-19 pandemic have spurred more Singaporeans to invest in crypto,” the report read, adding:

“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.”