A study conducted by cryptocurrency exchange and custodian Gemini says Cardano is one of the most popular crypto assets in Southeast Asia’s city-state Singapore.
In a report titled “The State of Crypto in Singapore 2021,” Gemini surveyed 4,348 Singaporean adults, ages 18 to 65, across varying income brackets.
According to the report, 67% of the respondents own cryptocurrencies.
The study shows that Ethereum (ETH) is the most held crypto asset in the city-state, followed by Bitcoin (BTC), Cardano (ADA) and Binance exchange token Binance Coin (BNB).
“Of the 2,862 crypto holders, 2,236 of them are currently holding on to ETH. BTC is the second most popular cryptocurrency, with 1,975 of the crypto holders holding on to it.
Coming in third and fourth are ADA and BNB, held by 1,141 and 893 investors respectively.”
Stablecoin Tether (USDT) and XRP are tied at number five. Interoperable blockchain Polkadot comes in at number six, followed by decentralized oracle network Chainlink (LINK).
The report also shines the spotlight on the biggest reasons preventing non-crypto holders from entering the market.
“68.8% of non-crypto holders cite the lack of knowledge and understanding as the main reason. Other reasons include the volatility of the market, the asset being too risky and the lack of regulatory oversight.”
The potential crypto investors say that certain conditions would entice them to hop on the digital asset bandwagon.
“A total of 76.2% potential investors suggested that a good price to enter the market will trigger them to invest. Better investor protection is the second reason that may drive non-crypto holders to start investing. Other reasons include attractive promotions from cryptocurrency exchanges, higher interest yield farming, family and friends, and new tokens listing.”
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Featured Image: Shutterstock/unicro
