It seems cryptocurrencies are calling the attention of ASX investors as they seek more speculative assets like Bitcoin and Ethereum.
According to a survey from TradingView, cryptocurrencies are the second most preferred assets, outranking other traditional assets like bonds and futures.
- 59% of Australian traders said they trade cryptocurrencies (compared to 64% Stocks and 32% Forex)
- 230,000 Australians are registered on TradingView (up 340% since 2019)
Cryptos Brushing Stocks
The survey, in which 2,134 Australians participated, was divided into two categories: veteran traders with over five years of experience and newer traders.
54% of experienced traders said they would include crypto-assets in their portfolios, while 65% of new traders were even bullish on crypto, outlining the strong surge in interest for digital assets across the country.
Stocks remained the most popular option for investors, however, by a small 3% margin. Fiat currencies remained the third most popular option for traders, followed by exchange-traded funds, options, and futures.
Cryptocurrencies are having strong momentum in the country as more Aussies recurred to sites like TradingView to check in on the latest market movements.
There are 230,000 Australian users registered in TradinView, and at least 100,000 registered on the site in 2020, marking a 340% increase from 2019 and 2.25 million unique visitors in Australia last year.
“The popularity of cryptocurrency appears to be moving ahead of most traditional asset classes [. . .] This brings a new level of ‘credibility’ for crypto and Bitcoin in particular, and could help sustain the current momentum for a longer period of time.”— Glenn Leese, director of growth for Australia at TradingView
Not only the number of investors is growing, but Australian-based blockchain companies and crypto communities are taking significant steps to bring awareness to the regulatory environment in the country.
A recent Australian company that hit an important milestone is Fantom Foundation, passing 3 million transactions on May 5, now processing over 200,000 transactions daily.
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