These Are Key Trends in Crypto User Demographics and Exchange Preferences for 2024 (Survey)

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2024’s crypto user demographic and exchange preference trends have been unveiled through a fresh study carried out by the data analysis platform, CryptoQuant.

As per a report disclosed to CryptoPotato, a survey was conducted by CryptoQuant between November and December of 2024. The survey included participation from a total of 1,478 respondents, who were residents in regions such as Asia, Europe, North America, South America, Africa, the Middle East, and Oceania.

Key Trends for Crypto Users in 2024

A large portion of the participants live in Asia (accounting for 40%), followed by Europe (with 29%) and North America (representing 10%). The survey contained a total of 35 questions that explored topics such as demographic information, investment habits, and preferred cryptocurrency exchange platforms.

Approximately 60% of the survey participants fell within the age range of 25 to 44 years old, and an overwhelming 89% identified as male, suggesting that the cryptocurrency sector is predominantly made up of young men. Furthermore, about half of the respondents hold a Bachelor’s degree, positioning them as a well-educated group in general terms.

As a researcher delving into the realm of cryptocurrencies, I’ve uncovered some fascinating insights. Approximately 62% of my survey respondents have been part of this digital economy for more than three years, suggesting a well-seasoned user community. Interestingly, one-third of the participants disclosed that they engage in crypto trading on a full-time basis. However, about half of them admitted to investing less than $10,000 yearly, hinting at a predominantly retail investor pool.

More Spot Than Derivatives Trading

In a survey, Binance was found to be the top choice for crypto exchanges in most regions worldwide. On the other hand, Coinbase took the lead only in North America. Interestingly, about half of the respondents (53%) frequently use Binance, approximately half (48%) store a significant portion of their assets there, and an almost equal number (50%) have earned the majority of their profits on this platform. Bybit was the second most popular choice among the participants.

To add on, the research revealed that a larger proportion of active traders were found on platforms such as Bybit, OKX, Bitget, and Binance, whereas Crypto.com, Coinbase, and Kraken hosted more individuals trading cryptocurrencies as a secondary activity.

According to CryptoQuant, exchanges catering primarily to full-time traders are expected to emphasize advancements in trading technologies and operational efficiency to keep their sophisticated user group satisfied. Their focus will be on providing superior trading functions and reduced fees for higher transaction volumes.

As a crypto enthusiast, my preferred digital currencies have consistently been Bitcoin (BTC), Ether (ETH), and layer-2 assets. Interestingly, it seems these are the favorites among many investors. Moreover, there’s a growing curiosity about combining Artificial Intelligence (AI) with blockchain technology, which I believe could revolutionize the crypto landscape in the near future.

It’s worth noting that the majority of users primarily focus on spot trading and asset holding within the platforms. On the other hand, only around 19% of them involve themselves in derivative trading, while a mere 3% participate in staking assets or yield farming activities.

In the meantime, it was found that these participants tend to base their investment choices on personal research as well as input from social media platforms and influential figures known as Key Opinion Leaders.

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2025-01-14 19:20