The most popular cryptocurrencies among Australians in 2022

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The most popular cryptocurrencies among Australians in 2022

The latest research on investing Australians shows that 5%, or more than one million Australians aged 18 and over, now own at least one crypto. Major cryptocurrencies include well-known Bitcoin and Ethereum and other niche names such as Cardano, Ripple, Shiba Inu, Dogecoin, Binance Coin, Solana, Cronos, Litecoin, and Polygon, and many more.

Interestingly, more than two-thirds, or around 742,000 (69%), of Australian cryptocurrency investors are male compared to just 332,000 (31%) female, indicating a significant gender difference in investing in cryptocurrency.

Although they are less likely to be crypto investors, Australians aged 35 and over are still significant components of the Australian cryptocurrency market due to the size of their average investments.

Australians aged 50 and over have the largest average cryptocurrency investment with an average value of around $56,200. This average investment size means that the value of all cryptocurrency holdings for people aged 50 and over is around $7.6 billion, more than any other age group and more than 35% of the total market.

Globally, Australians are crypto enthusiasts. It is more bullish on cryptocurrencies than most other countries in the world. One of the main reasons behind this could be that the government and regulators in the country are apparently open to the growth of the crypto and blockchain industry.

The most popular cryptocurrency in Australia is bitcoin. Nearly 9% of the population owns BTC, down 13% since the start of the year. The decline in the use of Bitcoin indicates the increase in investments in other cryptos like Ethereum, Cardano, dogecoin and bitcoin cash.

If you are a fanatic and want buy bitcoins in australia, there are some steps you need to take into consideration beforehand. As we already know, the crypto market is risky and you can easily lose your capital if you don’t know what you are doing. Therefore, before investing your money in bitcoin or any other cryptocurrency, make sure you familiarize yourself with it and research the most affordable and reliable ways to get the coins.

List of the 5 most popular cryptocurrencies in Australia:

  1. Bitcoin
  2. Ethereum
  3. Solana
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  5. Litecoin

Bitcoin

Bitcoin is by far the most promising long-term crypto investment. Furthermore, it is the pioneer cryptocurrency originally designed to replace fiat currencies and has been adopted as a store of value over traditional investments. However, even with its massively volatile price action, it has garnered investor interest, as evidenced by Bitcoin’s growing dominance.

Thanks to its overall upward price action, Bitcoin has shown its resilience. It is therefore the most valuable crypto and it has also survived national government bans and growing criticism from the political class, banking sector, mainstream media and environmentalists. Granted, some of them tripped him up, triggering highly volatile stock market crashes. But BTC is still recovering, which speaks to its resilience and reliability as a long-term investment.

Other factors that make Bitcoin a good long-term buy include solving a real and pressing global inflation problem. As these developments evolve, the value of Bitcoin should continue to rise. As a result, some optimists are confident that BTC will surpass $1 million by 2030.

Ethereum

Ethereum was launched in 2015 and 7 years later it has become the largest smart contract platform. Furthermore, it is also the largest DeFi platform and home to most emerging crypto technologies.

Ethereum has become the internet of blockchains. That’s enough for us to include it in our list of the best long-term investments for 2022.

Right now, at the height of a shrinking crypto market, Ethereum’s ROI is over 650,000%. The platform has surpassed Bitcoin as one of the most widely used blockchain technologies. Over the next few years, crypto analysts are confident that ETH will overtake Bitcoin as the most valuable cryptocurrency.

This will also be made possible by developing Ethereum protocols, including layer 2 and sidechains. These will have the net effect of increasing the demand for ETH tokens against a slowing supply. As a result, these will help ETH recover and break above its all-time high, further confirming why it is a good long-term crypto investment.

Ethereum is a choice of program developers due to its potential uses, such as so-called smart contracts that automatically execute when conditions are met and non-fungible tokens.

Ethereum also experienced remarkable growth. Thus, from April 2016 to early June 2022, its price rose from around $11 to over $1,800, increasing by almost 16,300%.

Solana

Solana is the fastest growing smart contract platform. Even though it has been around for two years, during that time its popularity and user base have grown, developer activity on the network has skyrocketed, and SOL token prices have increased more than 13,000 times. . As a result, its market cap peaked at over $78 billion and the Solana ecosystem grew exponentially. Moreover, it has shown no signs of slowing down in its mission to defeat Ethereum as the most useful and preferred smart contract platform.

Solana is on a mission to establish the sustainability of its blockchain and confirm its future. As a result, it allows developers to build and launch Web3 apps and programs, hosts dozens of decentralized exchanges, and hosts several dApps and DeFi protocols.

When launched in 2020, the price of SOL started at $0.77. At the start of June 2022, its price was around $40.58, a gain of more than 5,100%.

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Cardano is currently the largest smart contract platform and one of the fastest growing blockchain technologies. But more importantly, Cardano is arguably one of the most secure blockchains, noting that the Cardano blockchain and built-in protocols are thoroughly researched and peer-reviewed. This level of security proves the Cardano blockchain and confirms its durability, which is the main reason why we are adding it to the list of best long-term crypto investments.

But the Cardano development team seeks to make their blockchain more than sustainable. They seek to make it usable. To achieve this, Cardano has made it its mission to integrate as many emerging technologies as its competitors – Ethereum and Solana. It has already integrated smart contract technology, launched an algorithmic stablecoin, and is working on integrating DeFi, dApps, and Web3 technologies.

Cardano has become one of the most active crypto assets in the crypto world over the past year. Additionally, the all-time high ADA price coincided with the launch of the Alonzo hard-fork in early September 2021.

After hitting an all-time high in September 2021 at $3.03, Cardano’s price continued to decline, and there was a drift in October around $2. Then on November 10, 2021, the value of ADA declined until it finally broke out.

Portfolio investors view Cardano as a solid short- and long-term investment. They predicted that Cardano could hit $3.10 in one year and $10.46 after five years.

Litecoin

Litecoin is usually referred to as digital gold. Apart from sharing many similar attributes with Bitcoin, Litecoin is one of the oldest crypto assets in the market that exists in the top 10 cryptos by market capitalization. And that alone gives Litecoin impressive security as an investment and excellent enduring power when it comes to the fast-paced crypto market.

Litecoin’s code is almost identical to Bitcoin, including both a fixed supply and an LTC block reward like Bitcoin. Additionally, like Bitcoin, the Litecoin network is powered by proof-of-work consensus.

Developer activity remains strong with Litecoin. It was among the first to incorporate separate observers and is often a test bed for Bitcoin development.

The close relationship between Litecoin and Bitcoin and its digital absence make it particularly valuable. On-chain activity shows a healthy Litecoin network with over 100,000 active addresses and processing approximately 40,000 transactions every 24 hours.

Investing in Litecoin, like other cryptos, can be done either by mining or buying LTC online with a few simple clicks on a crypto trading platform or exchange. Once you have Litecoin, you can choose between the different ways to invest in crypto.

Conclusion

So here is the list of top 5 cryptos which are very popular and consumed in Australia. Even though Bitcoin has seen strong price swings, it still managed to be the number one choice for Australians. Like Bitcoin, Ethereum and Solana are also very popular and are likely to stay on the top list for a long time.

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