Aussie Investors’ Preferences: Bitcoin vs. Memecoins
Newer meme coins like Pepe and Dogwifhat have also gained popularity among Australian users, according to cryptocurrency exchange Kraken, but Australian investors still prefer to trade bitcoin. Kraken reported in a statement provided to The Block on Tuesday that, based on an examination of millions of Australian wallets on the exchange, bitcoin will continue to be the most traded cryptocurrency through May 2024.
Bitcoin Dominates 27.07% of Australian Trading Volumes
A little higher than the global average of 26.46%, bitcoin accounted for roughly 27.07% of all trading volumes in Australia during that time. At 10.02% of total trading volume during the period, Solana was the second most traded cryptocurrency in Australia, while non-Australian users accounted for 7.81% of the volume. As per the data, ether ranked third, accounting for around 9.66% of the total trading volume in Australia, while its global share was 9.93%.
The introduction of new trading pairs such as SOL/AUD is a direct response to the demands of our Australian customers. It is great to see the enthusiasm Australians are showing towards new meme coins, which are a fun and increasingly popular part of the crypto ecosystem. Australians are no stranger to venturing off the beaten track, a trait useful when navigating this ever-evolving asset class.
Jonathon Miller, managing director of Kraken Australia
FAQ
Why do Australian Investors Still Prefer Bitcoin?
Australian investors still prefer Bitcoin because of its market capitalization, liquidity, and reliability. Bitcoin is the longest-standing and most widely accepted digital asset in the cryptocurrency market.
How Popular is Bitcoin in Australia?
Bitcoin is one of the most popular cryptocurrencies in Australia. It is favored among investors due to its high liquidity, wide acceptance, and reliability.
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