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Cardano And Ethereum Are The Preferred Cryptos In Singapore

Cardano and Ethereum are among the most preferred cryptos in Singapore as over 78% of the investors invested in them with 40% of them putting their trust in the third-biggest one so let’s read more in today’s in our altcoin news today.

Bitcoin, Cardano, and Ethereum are teh most invested cryptocurrencies in Singapore according to a recent survey by Gemini according to the crypto investing behavior among adults in Singapore. The survey showed responses from over 4300 adults of which 67% held crypto, 79% of them were men and 80.2% of such holders were under the age of 34. The average crypto holder is likely to be a 29-year old male that has an annual household income of about $51,968.

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Cardano ADA 24-hour Chart (Source: coingecko)

1 in 5 crypto holders were women and 12% of them earned between $55,000 to $75,000 and only 0.2% of the holders were above the age of 65. Ethereum is teh world’s most used blockchain and a premier investment of choice for Singaporean holders. Bitcoin is the world’s biggest crypto followed by a 69% adoption among buyers. Cardano came third and made up to 40% of all holder wallets in Singapore. ADA token stormed into teh top three by market cap earlier this week and reached a high of $2.20 thanks to teh fundamental developments.

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ETH 24-hour Price Chart (SourcE: coingecko)

Other major holdings were BNB 31%, Ripple 25%, Tether 25%, DOT 22%, LINK 18%. As such, the survey showed that females were more likely to hold or trader DOT and XRP. In the meantime, out of 2862 people that invested in crypto, two-thirds of them said that they invested more into crypto because of the current COVID-19 pandemic as the report noted:

“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.”

As recently reported, Most of the crypto market is surging but this meme coin is dropping fast out of the top 100. SafeMoon is a crypto token that gained popularity via social media but it now continued to drop in price despite the recent market upswing. It’s down 16% in the past day and dropped out of the 100 coins in terms of market cap as per both Nomics and CoinGecko.

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Author: Stefan

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