Global crypto exchange Kraken conducted a detailed analysis revealing that between May 2023 and May 2024, Bitcoin remained the most traded cryptocurrency in Australia. This finding is based on a comprehensive review of millions of Australian wallets on the exchange, demonstrating Bitcoin’s continued dominance in the market. Data shows that Bitcoin accounted for approximately 27.07% of all trading volumes in Australia during this period, slightly above the global average of 26.46%.
Solana and Ethereum Attract Significant Interest After Bitcoin
Alongside Bitcoin, Solana (SOL) emerged as a significant player in the Australian crypto market. Solana accounted for 10.02% of all trading volumes, making it the second most traded cryptocurrency, a rate significantly higher than the 7.81% for users outside Australia. Closely following was Ethereum (ETH), comprising 9.66% of the trading volume, slightly below the global average of 9.93%. This indicates a distinct preference for certain altcoins among Australian investors.
Kraken’s General Manager for Australia and the rest of the world, Jonathon Miller, emphasized that new trading pairs like SOL/AUD were introduced in response to the increasing demands of Australian customers.
Investors Are Particularly Interested in New Memecoins
Highlighting Australians’ interest in new memecoins, Miller described these altcoins as a fun and increasingly popular segment of the crypto ecosystem. Miller noted that Australians’ tendency to explore uncharted territories is beneficial as they navigate the dynamic world of cryptocurrencies.
Interestingly, the report identified a notable trend among Australian investors. It shows a preference for newer memecoins over more established ones. Memecoins like Pepe, Wif, and Bonk have gained interest among Australian users, surpassing the popularity of well-known memecoins like Dogecoin. Data indicates that approximately 2.65% of Australian users own Pepe, nearly double the global average of 1.49%. Additionally, 1.58% of Australian investors own Wif, compared to the global average of 0.45%.
This trend reflects a broader inclination among Australian investors to adopt and trade newer and less traditional cryptocurrencies. The data suggests that Australians are more willing to enter new and emerging sectors in the crypto market, potentially seeking the higher rewards these new assets might offer. This behavior is part of the adventurous and innovative spirit often attributed to Australian investors, helping them stay ahead in the ever-evolving world of cryptocurrencies.
