Cryptocurrencies are the second-most desired asset class among Australian traders, according to a survey by price chart provider TradingView.
The research, shared with CoinDesk on Wednesday, asked a sample of the platform’s Australian user base to pick three asset types they would prioritize for the remainder of the year.
The 2,134 respondent traders were split into two categories based on experience. Sixty-five percent of those with less than five years of experience said they would include crypto in their top choices, outperforming stocks by 5%. Fifty-four percent of respondents with more than five years of experience said they would prioritize crypto, while 64% favored stocks.
Overall, stocks led crypto by a small 3% margin, while fiat currencies were the third most popular. Exchange-traded funds, currencies, derivatives, commodities, real estate and bonds were also offered as options.
“The popularity of cryptocurrency appears to be moving ahead of most traditional asset classes,” said Glenn Leese, TradingView’s director of growth for Australia.
There is a key difference between the current crypto market bull run and previous ones, with fewer “mum and dad” investors and increased sophistication among traders, according to Leese.
“This brings a new level of credibility for crypto and bitcoin in particular and could help sustain the current momentum for a longer period of time,” he said.