Revolut stated: In the second half of March, UK crypto traders bought nearly two-thirds less crypto per week
According to a new study released from Revolut, once the UK went into lockdown, financial anxiety spread into the cryptocurrency market. This is an analysis of data from 3 million UK customers using cryptocurrencies for trading and buying.
Revolut analyzed trading data collected from its crypto trading app
In the second half of March 2020, UK cryptocurrency traders purchased nearly two-thirds (-58%) of lesser cryptocurrencies per week. That’s the average weekly loss from 540 pounds to 230 pounds ($ 663 to $ 280). Revolut app users also make about 50% fewer transactions,
Interest in the market began to rise again on April 20, when users began to buy more Bitcoin, causing the price of Bitcoin to increase as well. On April 20, the Bitcoin price fell to about $ 7,000. Since then, it has grown more than 30% to around $ 9,000.
In the two weeks after April 20, the number of users buying cryptocurrencies increased by 68%. The average amount of cryptocurrencies purchased by users increased by 57%, and the amount purchased per transaction increased by 63%.
Bitcoin’s dominance is increasing
During the past time, Bitcoin dominated purchasing habits, with a total 51% share of the cryptocurrency trading market. Next is XRP, ETH, and BCH.
Revolut data also highlights how different age groups buy and sell cryptocurrencies:
“Those in the 55 – 64 age group buy at the highest value (345 pounds per trade), those in the 18 – 24 age group trade at the lowest value (109 pounds per trade).”
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