North American Investors Vastly Favor Bitcoin Over Other Cryptocurrencies

Published on by Cointele | Published on

Bitcoin is the most popular cryptocurrency for trading in every region of the world, but North American investors are the cryptocurrency's biggest fans, a new report says.

On Aug. 6, major crypto analytics firm Chainalysis published a report devoted to key trends in the North American crypto market.

According to the report, North American investors "Disproportionately favor Bitcoin" over other cryptocurrencies like Ether or XRP.Bitcoin represents 72% of all crypto trading in North AmericaWhile Bitcoin is the most traded crypto in the world, North America accounts for 72% of all of the asset's transaction volume, the report says.

In comparison, in regions like Africa and Western Europe, Bitcoin trading activity amounts to 69% and 66%, respectively.

Altcoins like Ether or XRP make up the smallest share of total crypto trading activity in North America among other regions, accounting for a mere 17%. In contrast, altcoins trading share in Central and Southern Asia, and East Asia makes up 35% and 33% out of total crypto trading activity, respectively.

North Americans prefer to hodl more than traders in AsiaAccording to Chainalysis' findings, North America-based professional and institutional investors are also among the biggest crypto hodlers around the world.

According to the report, North American investors tend to buy and hold cryptocurrency more than those based in East Asia, whose trading intensity is significantly higher.

According to the report, trade intensity on East Asia-based exchanges is close to double that of North American trading venues over the past year.

Ether outperforms Bitcoin in 2020Despite Bitcoin being the largest cryptocurrency by market cap, it doesn't necessarily mean that it is the top performing crypto asset.

The asset has an average year-to-date gain of 130%.According to an Aug. 5 report by major wallet service, Ether continued to outperform Bitcoin in July; it was up +33% for the month over BTC..