Bitcoin (BTC) is the most popular cryptocurrency for trading in all regions of the world. but North American investors are the biggest fans of cryptocurrency, according to a new report.
On August 6th, major cryptocurrency analysis company Chainalysis released a report on key trends in the North American cryptocurrency market. According to the report, North American investors prefer Bitcoin “disproportionately” to other cryptocurrencies such as Ether (ETH) or XRP.
Bitcoin accounts for 72% of all cryptocurrency operations in North America
While Bitcoin is the most heavily traded cryptocurrency in the world, North America makes up 72% of the total transaction volume of the asset, according to the message. In comparison, Bitcoin trading activity in regions such as Africa and Western Europe is 69% and 66%, respectively.
Altcoins like Ether or XRP make up the smallest part of the total cryptocurrency trading activity in North America with only 17%. In contrast, the share of altcoins trading in Central and South Asia as well as East Asia accounts for 35% and 33% of total trading activity in cryptocurrencies, respectively. Stable coins like tether (USDT) weren’t counted in the altcoin category, Chainalysis noted.
Global trading activity by type of cryptocurrency. Source: chain analysis
North American dealers prefer to hobble more than Asian dealers
According to the results of the chain analysis Professional and institutional investors based in North America are also some of the largest cryptocurrencies in the world. According to the report, North American investors are more likely to buy and hold cryptocurrencies than in East Asia, whose trading intensity is significantly higher.
According to the message, The trading intensity on East Asian stock exchanges was almost twice as high as in North American trading centers last year.
Trade intensity in East Asia with respect to North America and Western Europe. Source: chain analysis
Ether will overtake Bitcoin in 2020
While Bitcoin is the largest cryptocurrency by market capitalization, that doesn’t necessarily mean it is the highest performing crypto asset. As reported by Cointelegraph, Ether, the second largest cryptocurrency by market capitalization, continues to lead the 2020 crypto rally as the best-performing asset class in 2020. The asset has an average return of 130% since the start of the year.
Ether continued to outperform Bitcoin in July, according to a report by major wallet service Blockchain.com on Aug. 5. It rose + 33% over BTC during the month.