Ethereum (CRYPTO: ETH) is a more popular investment choice than Bitcoin (CRYPTO: BTC) among Singaporean crypto investors.
What Happened: According to survey results published on Sunday by crypto exchange Gemini, Ether is the most popular cryptocurrency in Singapore. The study revealed that 67% of the 4,000 participating investors hold crypto, and 78% of their portfolios are in Ether.
The survey also revealed that two-thirds of the crypto holders increased their crypto holdings during the pandemic and that more than two-thirds of those who have not yet invested cited lack of knowledge as the reason.
Read also: Why Ethereum Miners Are Making A Million Dollar Bet Against Proof-of-Stake
Of all crypto holders, 64% have more than 5% of their portfolio in digital assets, while a fifth of those aged 18-24 admitted that most of their investments are in crypto. The investors found decentralized finance (DeFi) to be the most interesting area of the cryptocurrency space, followed by the use of digital assets as an inflation hedge and non-fungible tokens.
Why It Matters: The flippening is a hypothetical scenario in which Ethereum’s market capitalization overtakes that of Bitcoin.
While Ethereum’s market cap of $385 billion is currently equivalent to just 43% of Bitcoin’s network value, estimates about Ether becoming deflationary when the London network upgrade causing thousands of coins to burn each day sums up with a transition to proof-of-stake caused many to speculate if the situation could soon change.
Still, according to our recent analysis, comparing the two coins is much more complicated than looking into their inflation or deflation rate estimates.
Price Action: At press time, Bitcoin was trading at $46,367, up 0.10% over the past 24-hours, while Ehtereum gained 1.45% and was trading $3,225.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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