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Kraken Survey Shows Aussies Prefer Bitcoin

Bitcoin remains the most actively traded crypto by Australian users, although they do like trading several altcoins

July 9, 2024 10:57 AM

Reading time: 1 minute, 46 seconds

TL;DR Crypto exchange Kraken has analyzed millions of Australian wallets. The results reveal changing trends in trading behavior and asset preferences.

Crypto exchange Kraken said that on Tuesday, it analyzed millions of Australian wallets, revealing changing trends in trading behavior and asset preferences.

Bitcoin Leads the Pack

According to the analysis, Bitcoin remains the most actively traded crypto among Australian users. Between May 2023 and May 2024, it accounted for 27% of all trading volumes within the country, slightly above the global average of 26%.

Solana (SOL) has also gained traction, making up 10% of trading volumes, compared to 7.8% globally. In response, Kraken introduced a SOL/AUD trading pair in June 2024.

Jonathan Miller, managing director of Kraken Australia, said the introduction of new trading pairs such as SOL/AUD is a direct response to Australian customers' demands. Kraken will continue to adapt its offerings to the needs of each market.

Ethereum's Position

Ethereum comes in third place, making up 9.6% of trading volumes for Australian clients. This is slightly lower than the global rate of 9.9%. According to a recent analysis conducted by comparison site Finder, the country's preference for digital assets remains high.

Out of 26 million, 17.7% of the population owns crypto. This is well above the global average of 11.4%, Finder says.

Rising Interest in Memecoins

The analysis by Kraken also revealed a growing interest in emerging memecoins among Australian investors. The exchange said that roughly 2.65% of Australian Kraken clients hold PEPE, nearly double the global average of 1.5%.

Similarly, Solana-based meme coin Dogwifhat (WIF) is held by 1.58% of Australian users, compared to 0.45% globally, and BONK by 1.5% versus 0.67% globally. This contrasts with global trends favoring more established memecoins like DOGE and SHIB, with DOGE held by 6.65% of Australians and SHIB by 3.89%, lower than their global counterparts.

Ethereum dominates the portfolios of Australian clients, representing 49.3% of the average crypto asset balance.

Ethereum's Dominance in Portfolios

Ethereum's presence in Australian portfolios is significant. It represents 49.3% of the average crypto asset balance.

This is notably higher than the global average of 29.25%. This data underscores the unique preferences and behaviors of Australian crypto traders.

The evolving landscape of crypto trading in Australia highlights the dynamic nature of the market. With new trading pairs and shifting interests, Kraken continues to adapt and cater to the needs of its users.

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