- Bakkt lists three most favoured cryptocurrencies in the U.S.
- Bitcoin and Ethereum lead the pack.
- Dogecoin is presently prioritized over Shiba Inu as a memecoin.
While there are over 18,000 cryptocurrencies as of 2022, a few remain market favorites according to a new study. The study conducted by Bakkt, a Bitcoin and crypto marketplace and custodian, set out to see the level of participation of women in the crypto market.
Bitcoin, Ethereum, and Dogecoin dominate crypto ownership
The result of the survey which involved over 1,000 US consumers showed some key insights into emerging trends in the crypto market. Titled “Women and Crypto,” the study found that crypto adoption by women was outpacing adoption by men.
While men are early adopters, women have recorded more first-time purchasers. The report noted that 38% of women in the study made their first crypto purchase in the past six months compared to 30% of men. In the past year, the tally stands at 71% of women first-time purchasers vs 60% for men.
The study also examined the coin ownership behavior of these investors. Both men and women in the study owned the same top 3 coins namely Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE). However, men were more likely to own a wider range of coins, the study added.
Nancy Gordon, the chief product officer of Bakkt’s Loyalty and Rewards division, noted that the findings of the study were highly positive for women’s crypto adoption.
“Despite recent crypto volatility, there’s continued momentum for women’s crypto adoption and it’s reassuring to see that the barriers to entry can be overcome through education,” said Gordon.
She notes that there was a strong appeal for acquiring crypto through mediums such as “gifting, and redeeming loyalty points.” These methods have the potential to increase inclusivity and accessibility of the crypto market regardless of gender or income level, she added.
The Rise of Women in the Crypto World
The findings of Bakkt’s study have been confirmed by other studies as well. A recent survey carried out by crypto lending platform, BlockFi, showed that many more women would venture into crypto this year.
BlockFi’s study also found that most women were drawn to crypto as a way to have an economic hedge. Their dominant crypto investment strategy was found to be to buy and hold; 70% of respondents had never sold their holdings since buying.