Between May 2023 and May 2024, Bitcoin maintained its status as the most traded cryptocurrency in Australia, according to a detailed analysis by global cryptocurrency exchange Kraken. This finding is based on a comprehensive review of millions of Australian wallets on the exchange and shows Bitcoin's continued dominance in the market. The data reveals that Bitcoin accounted for approximately 27.07 percent of all transaction volumes in Australia during this period, slightly above the global average of 26.46 percent.

Solana and Ethereum Attracted Great Attention After Bitcoin

Alongside Bitcoin, Solana (SOL) has also emerged as a major player in the Australian cryptocurrency market. Solana was the second most traded cryptocurrency, accounting for 10.02 percent of all trading volumes, significantly higher than the 7.81 percent rate for users outside Australia. Ethereum (ETH) followed closely behind, accounting for 9.66 percent of trading volumes, slightly below the global average of 9.93 percent. This suggests a clear preference for certain altcoins among Australian investors.

Kraken’s general manager for Australia and the rest of the world, Jonathon Miller, highlighted that new trading pairs such as SOL/AUD are being introduced in response to the increasing demand from Australian customers.

Investors Are Especially Turning Towards New Memecoins

Noting Australians’ interest in new memecoins, Miller described these altcoins as a fun and increasingly popular segment of the crypto ecosystem. Miller noted that Australians’ penchant for exploring uncharted territory is beneficial when navigating the dynamic world of cryptocurrencies.

Interestingly, the report also found a notable trend among Australian investors, where newer memecoins are preferred over more established ones. Memecoins like Pepe, Wif, and Bonk have gained traction among Australian users, surpassing the popularity of well-known memecoins like Dogecoin. The data shows that around 2.65 percent of Australian users own Pepe, almost double the global average of 1.49 percent. Furthermore, 1.58 percent of Australian investors own Wif, compared to the global average of 0.45 percent.

This trend reflects a broader trend among Australian investors to embrace and trade newer, less traditional cryptocurrencies. The data suggests that Australians are more willing to enter new and emerging sectors of the cryptocurrency market, potentially seeking out the higher rewards that these new assets can offer. This behaviour is part of the adventurous and innovative spirit often attributed to Australian investors, helping them stay one step ahead in the ever-evolving world of cryptocurrencies.