What Are The Most Popular Cryptocurrencies In Australia?
Learn why these 5 cryptocurrencies are gaining significant popularity in Australia.
Searching for the most popular cryptocurrencies in Australia? Read on. We’ll be explaining what are the top 5 most popular crypto assets and how you can start investingcryptocurrency in Australia.
With the increasing popularity of digital assets, several cryptocurrencies have grabbed the eyeballs of Australian investors recently. Choosing the right cryptocurrency is extremely important to generate good returns in the future. So investors are now curious to know what are the most popular cryptocurrencies in Australia.
Usually, investors often go behind the most reputed coins, and one of the main reasons for choosing it is safety. But Australia is one of the countries that have been continuously watching the crypto market and is up to date. According to the crypto market trends in Australia, these are the 5 most popular cryptocurrencies that have the potential to double your money.
The Top 5 Most Popular Cryptocurrencies in Australia:
Find out why these 5 cryptocurrencies have garnered such interest in the Australian crypto market.
Dogecoin has received unprecedented fame and interest since the beginning of last year.
Dogecoin is one of the most popular cryptocurrencies in Australia, thanks to its vibrant community. The increase in the price of DOGE is not based on its underlying technology but its cultural value. What started as a meme cryptocurrency has shown meteoric growth over the past few months.
The market cap of the coin hit a record peak of more than $50 billion. It was bigger than the automobile giant, Ford Motor Co and even surpassed the American food and beverage company Kraft Heinz Co in market value.
Why Dogecoin Skyrocketed?
Dogecoin, the meme token, was created just as a fun cryptocurrency that could process straightforward transactions, like online tipping or donations. But what made the price of DOGE skyrocket is celebrity endorsements and its popularity on social media platforms. Celebrities from Elon Musk to Mark Cuban have voiced their enthusiasm and interest in the meme token, setting DOGE on a colossal rise of over 7000% in the first half of 2021.
Yet another reason why Dogecoin is popular among investors is its active and vibrant community. The Dogecoin community has made extensive use of the currency for various philanthropic purposes.
Where To Buy DOGE In Australia?
Despite its popularity, investors should always be cautious while investing in DOGE since the coin is highly volatile. However, buying Dogecoin in Australia has been simplified thanks to the numerous international brokerages offering options for Australian investors.
For instance, eToro is one of the popular exchanges that features a beginner-friendly platform that enables users to choose from over 140 cryptocurrencies, including Dogecoin. Moreover, global exchanges like Binance also offer investors the option to bank on DOGE, boosting its popularity worldwide.
Shiba Inu (SHIB)
Thanks to its growing ecosystem, the price of SHIB could rise significantly in the coming years.
Yet another meme coin that has gained massive popularity in Australia is the Shiba Inu token. Unlike Dogecoin, SHIB is an experiment in decentralized, spontaneous neighborhood construction. This is an ERC-20 token that is dubbed as the “doge-killer.” The SHIB coin is also supported by a large community of coin holders and investors. They promote the coin on multiple social media platforms like Reddit and Twitter, boosting its popularity.
What Makes SHIB Different From DOGE?
One crucial factor that sets Shiba Inu unique from other meme cryptocurrencies is ShibaSwap, its decentralized exchange. Since it is the first token to be registered and incentivized on ShibaSwap, SHIB has attracted several eyeballs in the market. This also makes SHIB a significant part of the decentralized financial ecosystem on Ethereum. One reason to buy SHIB is that the exchange allows its users to avail themselves of certain functionalities, like staking, swapping tokens, and gaining yields.
The Shiba Inu Ecosystem
Shiba Inu is not merely a meme cryptocurrency but intends to build an ecosystem that consists of three tokens with different supplies. The ecosystem is one reason for its increasing popularity among investors and traders. It includes:
The SHIB Token: It is the foundational currency and has a maximum supply of one quadrillion.
The LEASH Token: The second token in ShibaSwap that was altered to bolster its ecosystem spectrum. It has a supply of 107,646 tokens.
The BONE Token: This is a governance token that allows the holders to vote on important matters for the following year. The token has a supply of almost 250 million.
Therefore, the Shiba Inu coin is slowly growing into a vibrant ecosystem with its use cases and utilities.
The Recent Burn Of SHIB Token
The developers of SHIB had initiated a coin burn earlier this year to reduce its supply. They added two new trading pools to ShibaSwap and buried $25,000 in both SHIB and LEASH coins. This has significantly reduced the supply in circulation, which will further increase the price of SHIB in the coming years. Even more, the token price has gained a 40% increase in its price in response to the coin burn.
However, experts believe that due to its increased popularity, the SHIB token could hit $1 by the end of 2021. Furthermore, since the token is available in some of the most popular exchanges, Australian investors could easily buy SHIB when it is valued in pennies for future returns.
The worldwide adoption of cryptocurrencies has significantly boosted the price of BTC in 2021.
Bitcoin was the first digital asset to spawn the current ecosystem of cryptocurrencies. Especially for Australian investors, Bitcoin was always the go-to option for long-term investments. 2021 has been a prolific year for Bitcoin. With wild price swings, mass adoptions, and high institutional interests, the price of BTC has hit record highs. Apart from being the pioneer of cryptocurrencies, Bitcoin has a far more stable network than any other token.
Why Is Bitcoin A Good Buy In Australia?
Bitcoin has always remained one of the most popular cryptocurrencies in Australia in terms of market capitalization. CoinJar, Australia’s longest-running exchange, offers users the ability to buy Bitcoin with a credit card or debit card. The exchange focuses on creating a simple, fast and secure way to sell, spend and buy Bitcoin. The platform executes this from the comforts of their market-leading iOS and Android app. Therefore numerous places in Australia have now started accepting Bitcoin as payment, boosting its value.
Bitcoin’s Increasing Adoption Rate
One significant reason for the rise in BTC’s price and popularity is its worldwide adoption. More businesses have now started using Bitcoin as their primary currency. It has over 5 million users, and the number keeps increasing each passing day. Since it is accepted both by people and institutions as a mode of payment, experts believe that BTC has the potential to double your investment in the long run.
With significant upgrades to its network, the price of Ethereum has seen record highs in 2021.
Ethereum surprised investors globally when it reached its all-time high of $4,362.35 on May 12, 2021. ETH has gained tremendous popularity among Australian investors due to its advanced network and use cases. One key feature of this crypto is its ability to build dApps on the network via Ethereum blockchain. It also hosts non-fungible tokens and decentralized finance, giving it an advantage outside the crypto community. Moreover, with the increasing popularity of DeFi companies, ETH could hit yet another record-high by the end of 2021.
The Rise Of ETH’s Price
Ethereum now values more than Disney, PayPal, and Nestle with its colossal rise in price and value. That means that over a year, Ethereum has seen a whopping surge of almost 1380%. It owes a significant portion of its claim to fame to the cataclysmic effects of NFTs on the global markets. NFT is one of the most booming sectors in the market today and is spread across verticals. Ethereum is the cryptocurrency of choice for the purchases of several NFTs, boosting the price of ETH.
The Launch Of Ethereum 2.0
Yet another significant reason for Australian investors to buy Ethereum is ETH 2.0, the most-awaited upgrade that will transition it from Proof-of-Work to Proof-of-Stake. It will also focus on making the network more energy-efficient and environmentally friendly.
The first phase of the upgrade was started in December 2020 with the initiation of Beacon Chain. As per the announcement, the subsequent two significant phases would be completed by the end of 2021. If the transition becomes successful, the price of ETH will soar higher, and this is why Ethereum could be a profitable long-term investment. Moreover, Ethereum 2.
Bitcoin Cash (BCH)
Thanks to its high scalability, Bitcoin Cash has gained massive popularity in the Australian crypto market.
Bitcoin Cash was initially created to address the scalability issue caused by the Bitcoin blockchain. BCH was designed as a hard fork to maintain the mission of Bitcoin as a peer-to-peer electronic payment system. The purported goal of the token was to enhance scalability to meet the global demand for digital payments.
Unlike fiat currencies, BCH does not rely on a monetary middleman, like a central bank, to process transactions. Moreover, transactions are fast, and fees are relatively lower than Bitcoin’s, making the network highly efficient.
BCH - A Transactional Cryptocurrency
Bitcoin Cash is making the news as a transactional cryptocurrency. It is used to transfer value from one person to another. Apart from processing peer-to-peer payments between participants, Bitcoin Cash can also be used to pay for goods and services in-store and online.
Anyone with a computer or smartphone can accept BCH payments, making it more accessible to a wider audience. One of the significant aspects of the mainstream adoption of BCH as currency is bricks-and-mortar retail spending.
Bitcoin Cash supporter and CEO of Bitcoin.BCH.com, Hayden Otto, released a monthly report earlier this year suggesting that the token accounts for the vast majority of cryptocurrency spent at retail outlets in Australia. This is one reason why BCH has gained massive popularity in the country.
However, to achieve transactional efficiency, BCH was designed with eight times larger blocks than Bitcoin, one of the many reasons to buy BCH for future returns. After a series of upgrades and development, the token now has 32 MB blocks.
What Are The Key Cryptocurrency Trends In Australia?
Driven by strong consumer and institutional interest, the cryptocurrency market in Australia has snowballed over the past few years. A new round of consultation was recently launched by The Select Committee on Australia as a Technology and Financial Centre to review the country’s federal policy framework around cryptocurrency and blockchain technology. This policy approach was intended to provide more clarity and flexibility for cryptocurrency business models, which will eventually help in delivering economic growth.
Therefore, this shows that cryptocurrencies have gained much popularity in the market. Results from a survey suggest that cryptocurrency is still rising in popularity among Australians, especially Gen Z.
One in six Australians now owns cryptocurrency.
Another 13% said that although they did not own digital coins, they have plans to buy them soon.
Almost 31% of Gen Z owns cryptocurrencies.
Moreover, even when Bitcoin was experiencing a plunge in its price, reports show that cryptocurrency adoption in Australia was still rising. It states that the most popular cryptocurrencies in Australia were:
Bitcoin - owned by 9% of Australians
Ethereum - owned 8% of Australians
Dogecoin - owned by 5% of Australians
Bitcoin Cash - owned by 4% of Australians
The report didn’t mention the SHIB token, but it has also seen significant popularity since it was a dog meme cryptocurrency like Dogecoin.
Australia Cryptocurrency Trading Strategy
There are multiple authorized cryptocurrency exchanges in Australia that list popular cryptocurrencies. But the most significant part of crypto investments is a risk-proof trading strategy. There are mainly three cryptocurrency trading strategies in Australia. They are:
Hodling: Long-term hodlers are often novice traders that have just kick-started their journey in the crypto market. They buy a coin to invest in, wait for the price to increase, and then sell it. Hodling or holding on for dear life is a strategy that even adept investors engage in during a market crash or colossal sell-off.
Day Trading: Day trading is not an easy strategy to learn. It needs commitment and a lot of screen time practicing. Usually, in day trading, traders intend to hold their investments for less than a day. On the other hand, those who master day trading have the advantage of earning good money, as the crypto market is highly volatile, and there are plenty of opportunities to catch profitable trades every single day.
CFD: It stands for Contract For Difference. It is a bit of a complicated method for novice investors. CFD is highly regulated in several countries and does not allow it at all. But fortunately, CFD is an effective trading strategy in Australia, and it is allowed by the ASIC (Australian Securities and Investment Commission). This unique strategy allows traders to speculate on the future market movements of an underlying asset without having to own the asset. It is available for a range of assets like shares, commodities, and foreign exchange.
Invest In The Most Popular Cryptocurrencies In Australia
The rising popularity of digital assets, exchanges, and tradings in Australia shows that cryptocurrencies have great potential in the country and might take a leading role in the financial world in the future. However, with more than 7000 cryptocurrencies available, choosing the right token that suits your investment portfolio is always a daunting task.
Experts believe that this is the perfect time to invest in digital currencies. Cryptocurrency expert Ivan On Tech says that, with the way the market is developing, there are signs that 2021 will be a year similar to 2017 for cryptocurrencies, with flourishing bull runs and massive gains.
If you are in Australia and are looking for potential coins that can double your money over the long run, then these are the most popular cryptocurrencies that are worth keeping an eye on. Therefore, build your unique trading strategy, pick your token and start investing in the cryptocurrency market in Australia when the market is on the rise.
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