Copy trading is among the significant activities mesmerizing the hearts of crypto admirers, and social and copy trading are progressively embraced by financiers in the virtual community. According to current research study performed by Bitget, a specific generation has actually revealed the most interest in this type of trading.
Gen Z Heads The Pack
A current report on copy and social trading launched by cryptocurrency exchange platform Bitget reveals that Gen Zs represent 44% of all copy trading users. Members of this age revealed the greatest interest in copy trading, while older crypto traders made use of copy trading to get expert insights.
They are carefully followed by users within the 25 to 35 age variety accounting for 32% of all copy trading users, the 35 to 55 age bracket can be found in 3rd location with 17%, and those above 55 comprising 7% of the overall copy trading user base.
The research study divulged that over 72% of traders listed below 25 make use of Bitget for copy trading, with another equivalent percentage of 65% seen in those within the 55 to 64 age variety.
Furthermore, the report kept in mind that geographically, most of copy traders on Bitget were resident in Western Europe, East Asia, and Southeast Asia. Western Europe comprised the biggest percentage, with 31% of all active copy traders, followed by traders in East Asia at 26%, and Southeast Asia at 19%.
While accounting for a small percentage of traders, African users reveal the greatest interest level in copy trading due to the emerging nature of cryptocurrency markets in the continent because users are generally less skilled and depend on copy trading as a start-off point.
African were carefully followed by members of the Commonwealth of Independent States (CIS) when it concerned the greatest level of interest in copy trading.
Market stays extremely unstable | Source: Crypto Total Market Cap on Tradingview.com
Crypto Users Enjoy Copy Trading
The research study assessed the trading activities of different active traders over the very first quarter of 2023. Over 109,000 traders got revenues through different copy-trading strategies, generating about $74 million in aggregate revenues.
The research study divulged a high success rate amongst copy traders, with 93% of futures traders and 82% of area traders getting revenues utilizing the copy trading strategy. Additionally, over half of the copy traders traded on Bitcoin (BTC), accounting for 52% of the overall variety of copy traders, carefully followed by Ethereum (ETH) at 44%.
According to Bitget’s Managing Director Gracy Chen, social trading is a leading force “…that is shaping the industry landscape as users are cooperating even more as a holistic community.” She kept in mind that Bitget is dedicated to guaranteeing enhancement in its copy trading services, specifically as it remains in line with the company’s “Smarter Trading” slogan.
Bitget’s finding is supported by a report by The Insight Partners which tasks that the social trading market will witness substantial yearly development at 7.8%, reaching over $3.77 billion evaluation by 2028.
Featured image from iStock, chart from Tradingview.com