Average portfolio size on Australian cryptocurrency exchange BTC Markets grew from $577.65 ($795.5) to $2,069.16 ($28,49.5) in fiscal 2021, indicating a 258.2% increase in wallet holdings, according to exchange data compiled by the exchange. Statista recently surveyed the BTC markets.
Data from the survey shows that the average portfolio size of female and male investors in the fiscal year 20-21 at BTC Markets was $1924.30 (AU$2,650) and $2,214.03 (AU$3,049), respectively. However, in 2020, the average portfolio size of Australian investors slightly exceeded male investors.
Transaction data on the exchange also showed a pattern of increased investment demand with age. Looking at the data provided by BTC Market on the average initial investment in Australia, investors over the age of 65 invested nearly $3,158.03, which is the highest demographic.
After a gradual decline across different age groups, the youngest cryptocurrency traders, aged 18-24, tend to make relatively small investments, averaging $792.96. While older Australian cryptocurrency investors are outpacing the new generation in initial investment, the younger crowd is showing relatively more activity in terms of day trades.
Related: 17% of Australians now own digital currency, with a total of $8 billion among them: Poll
Based on the above findings, a September report from financial comparison site Finder showed that one in six Australians own cryptocurrencies, with a combined value of $8 billion in total investment. The report notes that, like many other users in advanced industrial countries, Australians have been increasingly looking at cryptocurrencies as a new asset class.
According to a Cointelegraph report on the matter, Bitcoin (BTC) is the most popular cryptocurrency for the Australian crypto market held by 9% of investors. Other popular investments include Ether (ETH), Dogecoin (DOGE), and Bitcoin Cash (BCH). The report showed that despite the growth in cryptocurrency investments, a significant barrier to entry for Australians is the difficulty of understanding cryptocurrency and the risks associated with volatility.