A recent study by CryptoQuant, an on-chain analytics platform, unveils vital insights into the demographics and trading preferences of cryptocurrency users heading into 2024. Conducted between November and December 2023 among 1,478 participants from diverse global regions—including Asia, Europe, North America, South America, Africa, the Middle East, and Oceania—the survey highlights some notable trends. Most respondents hailed from Asia (40%) and Europe (29%), with North America representing around 10% of the total. This geographic distribution plays a significant role in shaping the culture and practices surrounding cryptocurrency usage.
The survey highlights a predominant demographic of young male users, with 89% identifying as male and 60% aged between 25 and 44. This skewed representation points to a need for the crypto industry to diversify its outreach and inclusivity strategies. Furthermore, half of the participants reported holding at least a Bachelor’s degree, suggesting that the crypto user base is not only relatively educated but may possess higher financial literacy than the general public. This characteristic likely influences their investment behaviors and choices.
Insights into investment behaviors reveal that a substantial portion of the user base consists of seasoned traders, with about 62% of respondents having been involved in the crypto market for over three years. Despite this experience, a large swath of users reported investing less than $10,000 annually, painting a picture of retail investors as the backbone of the crypto market. Interestingly, one-third of the participants indicated they trade crypto full-time, but the data suggests that most users are still operating on a part-time or casual investing basis.
When it comes to exchanges, Binance emerged as the primary choice for most respondents, securing 53% of users as their most utilized platform. Coinbase, while enjoying popularity in North America, did not rival Binance’s global prominence, reinforcing Binance’s role as a leader in the crypto exchange space. Following these, exchanges like Bybit and Bitget also garnered attention, with trends indicating that those platforms attract a high percentage of committed full-time traders. While professional users seek advanced trading features and competitive fees, it can be inferred that exchanges catering to part-time traders, such as Crypto.com and Kraken, may prioritize user-friendly interfaces over complex tools.
Respondents displayed an affinity for core cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), highlighting a growing trend towards layer-2 assets as well. In addition, the survey illustrates a surging interest in the synergy between artificial intelligence and blockchain technology, suggesting that users are on the lookout for innovative solutions that can enhance their trading experiences.
When it comes to trading behaviors, spot trading clearly dominates, as just 19% of users reported engaging in derivatives trading, with only a minor fraction involved in staking or yield farming. This trend hints at the still-nascent stage of derivatives and advanced financial instruments within the retail market. It’s noteworthy that most users rely on personal research for their investment decisions but also utilize social media and Key Opinion Leaders for insights, reflecting the evolving nature of information dissemination in the crypto landscape.
The CryptoQuant survey reveals critical information about the demographic and behavioral patterns of crypto users in 2024, emphasizing the need for exchanges and service providers to adapt their offerings in line with the preferences and behavior patterns of this dynamic user base.
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