CDS Crypto News Exploring the Relationship Between Aussie Investors and Cryptocurrencies
Crypto News

Exploring the Relationship Between Aussie Investors and Cryptocurrencies

13
Exploring the Relationship Between Aussie Investors and Cryptocurrencies

Aussie Investors’ Preferences: Bitcoin vs. Memecoins

Aussie Investors' Preferences Bitcoin vs. Memecoins
Exploring the Relationship Between Aussie Investors and Cryptocurrencies 1

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.

For more up-to-date crypto news, you can follow Crypto Data Space.

Exploring the Relationship Between Aussie Investors and Cryptocurrencies
Written by
lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

July 13 Crypto News – ZAP Reaches $100 Million, ETFs on a Roll, and SEC Wraps Up Another Probe

The SEC has dropped its probe into Hiro’s Stacks, allows some firms...

XRP Stands Alone in Green While Bitcoin Bulls Take a Breather

Traders attribute the price lull to market participants staying cautious due to...

Crypto News- Top Altcoins Snapped Up by Big Investors in the Second Week of July 2024

Crypto whales have processed approximately $3.32 billion worth of Litecoin (LTC) transactions...

The Impact of Equities Sell-Off on Bitcoin and Ether Prices

The Impact of Equities Sell-Off on Bitcoin and Ether Prices