The data provided by the American financial application Revolut show that COVID-19 has influenced the crypto trading habits of its users.
Nearly a third of Revolut’s 10 million customers have traded cryptocurrency in the app, which serves crypto retailers.
Since the quarantine restrictions were introduced in March, the average amount of cryptocurrency purchases from its customers in the United States has fallen by 58%, from approximately $ 663 to $ 281.
Traders in the UK regained confidence in the market in April
However, confidence in cryptocurrencies recovered sharply in late April, with the average amount purchased by consumers increasing by 57%.
There was a 68% increase in the number of users of applications that trade crypto assets.
The average value of any trade also decreased by 52% in March, followed by a 63% increase the following month.
Revolut reports that sales activity also increased from April 20 to May 4, with the number of selling customers increasing by 38%, along with a 13% increase in the average size of sales orders.
XRP beats ETH by volume
Bitcoin (BTC) was the most popular crypto asset in March and April, accounting for 51% of all Revolut transactions.
Ripple (XRP) ranked second, accounting for 20% of trades, followed by Ethereum (ETH) with 14% and Litecoin(LTC) and Bitcoin Cash (BCH) with 8% each.
Revolut also found a strong link between the user’s age and the amount of cryptocurrency they purchased, with 55-64 year-olds averaging $ 423 per trade, while 18-24 reported an average of close to $ 134 per transaction.
US-based trade was stronger than European volume by approximately 30%.
US retailers reported record sales in March
The data for casual retail users contrasts with CryptoCompare’s record volumes in both the spot and derivatives markets of the leading cryptocurrency exchanges in March – showing fierce trading activity among professionals and institutions.