Revolut App Records Increase of 68% in Retail Crypto Traders

The UK-based finance app, Revolut, has recently provided data that showed that the COVID-19 pandemic’s lockdown has very much had an impact on its users. Particularly, the pandemic has affected their crypto trading habits.

Just Under A Third Of Ten Million Started Trading Crypto

According to this data, just under a third of the 10 million customers that Revolut has have started trading in cryptocurrencies within it. Revolut itself caters to a casual, retail breed of crypto trader.

With the lockdown restrictions being introduced within the UK back in March, the average size of a cryptocurrency purchase for Revolut’s UK customers fell down by 58%. To put it in perspective, the average amount spent was set at $663 but subsequently fell down to $281.

However, crypto confidence has recently experienced a sharp rebound, starting at the end of April. The average sum purchased by users has now increased by 57%.

Overall Increase In App Users Leveraging Crypto Trades

Further indicators is a 68% increase in the number of app users actively trading in crypto assets. Furthermore, Each trade’s average value experienced a drop of 52% within the month of March. Only a month after, however, the app experienced an increase of 63%.

Revolut further reported that the selling activities had started to increase from the 20th of April to the 4th of May. The number of users that sold increased by 38%, this increase coming alongside a 13% increase to the average sell order size.

The Usual Suspects

When you look at the exact cryptocurrencies, the most prominent and expected result is Bitcoin being the most popular crypto asset during March and April, holding 51% of the total trading share on Revolut.

Ripple, or XRP, has been ranked second, holding 20% of the total trades within the app. This is followed shortly after by Ethereum (learn more about how to buy Ethereum here), clocking in at 14%, with Bitcoin Cash and Litecoin, each capturing about 8% of the trading volumes.

It should be noted that the company’s trading activity within the UK has been a third stronger to its European counterparts when looking at volumes. Furthermore, the app has concluded that there’s a strong correlation between the age of a user and the sum of crypto they had purchased. The data shows that 18-14-year-olds averaged at just under $134 per transaction. By contrast, users aged between 55-64 averaged around $423 per trade.

It seems that the world is slowly starting to accept crypto once more, with the original market crash driving it to halve itself in value. With any luck, these trying times will serve as a catalyst to adopt crypto even more.