Bitcoin Leads Australia’s Crypto Market with 27.07% Trading Volume Dominance: Kraken Study Reveals

• Kraken has released an extensive report demonstrating Bitcoin’s dominance in the Australian cryptocurrency marketplace from May 2023 to May 2024.
• The report, which includes data from millions of Australian wallets, shows that Bitcoin commanded 27.07% of all trading volumes, slightly above the global average of 26.46%.
• Notably, this finding underscores Bitcoin’s significant position among Australian investors.

Discover the prevailing trends and key insights within Australia’s cryptocurrency market from the latest Kraken report.

Australians’ Preference for Solana and Ethereum

The data reveals that besides Bitcoin, Solana (SOL) and Ethereum (ETH) are also highly favored within Australia’s crypto community. Solana recorded a trading volume of 10.02%, which is substantially higher compared to the global figure of 7.81%. Meanwhile, Ethereum accounted for 9.66% of trades, which is marginally below its worldwide average of 9.93%. These statistics indicate a clear inclination towards these altcoins amongst Australian traders.

Market Adaptability to New Trading Pairs

According to Jonathon Miller, Kraken’s General Manager for Australia, the provision of new trading pairs such as SOL/AUD reflects the increasing demand from users. This highlights the adaptability and innovative nature of the Australian crypto market, showing its readiness to embrace new trading opportunities and the diverse interests of its investors.

Growing Popularity of Emerging Memecoins

Miller also pointed out an intriguing trend: the growing interest in new memecoins among Australian investors. This is evident from the data showing that newer memecoins like Pepe, Wif, and Bonk have outperformed established ones such as Dogecoin within the Australian market. The statistics provide an insight into Australians’ adventurous spirit when it comes to crypto trading, cautioning established coins to innovate continuously.

Statistics on Memecoin Investments

Data revealed that 2.65% of Australian users hold Pepe, nearly doubling the global average of 1.49%. Additionally, 1.58% of Australian investors own Wif, compared to the international average of 0.45%. These figures suggest a strong penchant for exploring and investing in novel cryptocurrencies, probably due to their potential for higher returns.

Conclusion

In summary, the report underscores Bitcoin’s continued dominance in the Australian crypto market, alongside a strong interest in Solana and Ethereum. The rising popularity of new memecoins indicates a bold approach by Australian investors, reflecting their willingness to engage with emerging opportunities within the crypto sphere. These trends paint a promising yet dynamic picture for the future of cryptocurrency investments in Australia.