A recent survey conducted by CryptoQuant reveals that the cryptocurrency market is largely dominated by young, educated investors, with a significant portion investing relatively modest amounts. The study, titled “2024 Crypto Survey: Exchange Use and Investor Behavior,” highlights that over 60% of crypto investors are between the ages of 25 to 44. Among them, 35% are aged 25 to 34, while 26% are aged 35 to 44.
The report underscores the high educational attainment of these investors, noting that nearly half hold a bachelor’s degree and 28% have advanced degrees. Moreover, the crypto demographic remains predominantly male, with 89% of respondents identifying as male.
Financially, the majority of respondents reported investing less than $10,000 annually, indicating a dominance of retail investors in the market. Geographically, Asia leads the pack with 40% of users, trailed by Europe at 29% and North America at 10%.
When deciding where to invest, 22% of participants rely on personal research, while 16% look to social media influencers. Spot trading remains the preferred choice for 76% of users, overshadowing derivatives and staking. Only a minority engaged in earning products like staking and yield farming.
Binance leads as the favored exchange, with 53% naming it their primary platform. It also ranks highest in profitability, with 51% reporting significant gains through Binance. Respondents mainly hold their crypto on the exchange (48%), while Bybit, OKX, and Bitget resonate more with full-time traders. Part-time traders prefer Coinbase and Kraken. Regionally, Binance dominates Asia, Africa, and South America, while Coinbase holds sway in North America.
Regarding compliance concerns, 83% of users are cautious of platforms with regulatory issues, with Binance perceived as the most compliant by 32% of respondents.
In terms of cryptocurrency interests, Bitcoin remains the most pursued, followed by Ethereum, layer-2 scaling solutions, and decentralized finance (DeFi). Bitcoin is the top choice for profitability, favored by 18% of users, with Ethereum, Solana, and XRP closely behind.
The findings of the CryptoQuant survey are based on responses from 17,566 participants, reflecting ongoing confidence in established cryptocurrencies and a focus on minimizing risk exposure to lesser-known tokens.