The result of a survey jointly released on August 16, 2021, by Gemini crypto exchange, CoinMarketCap and Seedly, show that ether (ETH) is now the most popular cryptocurrency in Singapore, followed by bitcoin (BTC) and cardano (ADA).
Ether Gaining (ETH) Dominance in Singapore
While bitcoin (BTC), the world’s flagship cryptocurrency has continued to attract serious interest from both institutional investors and wealthy individuals, it appears ether (ETH), the native crypto of Ethereum, is gearing up to challenge the market dominance of the former, if latest reports are anything to go by.
According to the result of a survey jointly conducted by the Winklevoss twins’ Gemini crypto exchange, crypto market data aggregator CoinMarketCap and Seedly, a Singapore-based personal finance platform, ether (ETH) is now the most popular digital currency among crypto holders in the country.
As stated in the State of Crypto in Singapore report, out of the 4,348 Singapore-based adults aged 18-65 that took part in the survey conducted between June 29 to July 9, 2021, 78 percent of respondents chose ether as their preferred crypto, 69 percent ticked bitcoin (BTC), while Charles Hoskinson’s cardano (ADA) was the third most popular cryptoasset among participants.
More Crypto Education Needed
Notably, the survey found that 67 percent of respondents who have invested in traditional investment vehicles such as stocks, also hold digital currencies in their portfolios, while the non-crypto hodlers made it clear that the lack of knowledge about the workings of cryptocurrencies, poor regulation, and market volatility are the major barriers preventing them from investing in crypto.
What’s more, 64 percent of crypto holders who participated in the survey said crypto occupied more than five percent of their portfolios, while one-fifth of respondents between ages 18 to 24 said crypto made up more than 50 percent of their portfolios.
Commenting on the matter, Jeremy Ng, managing director at Gemini’s Asia Pacific region said:
“Similar to the growing momentum in the cryptocurrency industry across the world, we are seeing a growing level of investor interest in Singapore, which is encouraging. This study has also shown that barriers to entry still remain. Engagement with, and education of, both the crypto-curious and current investors will be key to tackling the knowledge gap and ensuring that crypto is accessible to everyone in Singapore.”
Unlike its Asian brother, China, Singapore has adopted a more amenable and forward-thinking approach towards crypto regulation and this is fast transforming the region into a hotbed for crypto-focused businesses.
So far, a good number of blockchain-based firms including Coinbase, Pundi X, and others, have been granted licenses by the Monetary Authority of Singapore (MAS).
At press time, ether (ETH) is exchanging hands for $3,293, while the bitcoin (BTC) price is hovering around $47,519, according to CoinMarketCap.
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