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

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

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

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

Cover art/illustration via CryptoSlate

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. โ€œThe โ€œaverageโ€ crypto holder is likely to be a 29-year-old male with an average annual household income of about $51,968 a year,โ€ 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 worldโ€™s most-used blockchain, was the premier investment of choice for Singaporeโ€™s crypto holders, with 78% of all holders owning the asset. Bitcoin, the worldโ€™s largest crypto, followed by a 69% adoption among buyers.

Cardano, the worldโ€™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. โ€œThe Covid-19 pandemic have spurred more Singaporeans to invest in crypto,โ€ the report read, adding:ย 

โ€œOne 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.โ€

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