According to the market intelligence platform Tracxn, around $3.02 million was invested in cryptocurrencies in Singapore in 2017. In 2020, that amount rose 2,904% to $90.86 million.
Singapore is considered a very important economic center between Europe and Asia. The fact that most cryptocurrency investors in the financial oasis are opting for Ethereum over Bitcoin can be interpreted as an indication of a gradual shift in investment trends – or could we say, a prelude to flippening?
Ethereum Flippening in Singapore
Furthermore, Singapore is also attracting cryptocurrencies, according to a report published by Gemini, Coinmarketcap and The Seedly on Singapore investor trends. The result shows an increasing demand for cryptocurrencies.
From the perspective of Bitcoin maximalists, another result should come as a surprise: in Singapore, Ethereum is more popular than Bitcoin.
A total of 78% of investors surveyed said they had invested in Ethereum. With Bitcoin, it’s number is around 69%. Bronze goes to Cardano (ADA), with 40%. In fourth, Binance Coin (BNB), with 31%.
Of the total of 4,348 respondents between June 29 and July 9, 67% were cryptocurrency investors. With 41% considering cryptocurrencies for protection against inflation as the most important aspect of the portfolio composition, while 26% place their main focus on NFT technology. More than half, 59%, said they were interested in DeFi.
The fact that Ethereum is ahead of Bitcoin in the popularity scale is mainly due to the fact clarified with the numbers above. The DeFi market is the topic that dominates the crypto scene in Singapore.
Ethereum’s dominance over other cryptocurrencies is 17.22% and its market capitalization approaches US$363 billion
It’s really no surprise that this phenomenon is taking place. In case you’re interested, Cointimes explains to you about the thesis that scares Bitcoin maximalists. What is Ethereum’s Flippening on Bitcoin and what is the future of the ETH token, which has already valued 1070%.