Australian Preference for Bitcoin Slightly Outweighs Other Cryptocurrencies: Survey
Kraken, a prominent crypto exchange, recently conducted an analysis of Australian crypto wallets, uncovering shifting trends in trading behavior and asset preferences. The study revealed that Bitcoin remains the most actively traded cryptocurrency by Australian users, representing 27% of all trading volumes within the country from May 2023 to May 2024, slightly above the global average of 26%.
Additionally, Solana (SOL) has seen increased adoption, accounting for 10% of trading volumes among Australian users, compared to 7.8% globally. In response to this trend, Kraken introduced a SOL/AUD trading pair in June 2024 to cater to the demands of Australian customers.
Ethereum also holds a significant position in the Australian market, comprising 9.6% of trading volumes for local clients, slightly lower than the global rate of 9.9%. The country’s enthusiasm for digital assets is evident, with 17.7% of the population owning crypto, well above the global average of 11.4%, according to Finder.
Moreover, the analysis by Kraken highlighted a growing interest in emerging meme coins among Australian investors. Approximately 2.65% of Australian Kraken clients hold PEPE, nearly double the global average of 1.5%. Similarly, meme coins like Dogwifhat (WIF) and BONK are gaining traction among Australian users compared to their global counterparts.
Despite the popularity of meme coins, Ethereum continues to dominate Australian portfolios, representing 49.3% of the average crypto asset balance, significantly higher than the global average of 29.25%. Individual asset holders include 35.6% for Bitcoin, 29.8% for Ethereum, 11.8% for Solana, 11.88% for Cardano, and 11.83% for Polkadot.
In conclusion, Australian investors are showing diverse interests in cryptocurrencies, with a mix of established assets like Bitcoin and Ethereum alongside emerging meme coins gaining traction in the market. Kraken’s analysis sheds light on the evolving landscape of crypto trading behavior in Australia.
