Copy trading is one of the major activities captivating the hearts of crypto admirers, and social and copy trading are increasingly adopted by investors in the virtual ecosystem. According to recent research carried out by Bitget, a particular generation has shown the most interest in this form of trading.
Gen Z Heads The Pack
A recent report on copy and social trading released by cryptocurrency exchange platform Bitget shows that Gen Zs account for 44% of all copy trading users. Members of this age group showed the highest interest in copy trading, while older crypto traders utilized copy trading to obtain professional insights.
They are closely followed by users within the 25 to 35 age range accounting for 32% of all copy trading users, the 35 to 55 age bracket coming in third place with 17%, and those above 55 making up 7% of the total copy trading user base.
The research disclosed that over 72% of traders below 25 utilize Bitget for copy trading, with another comparable proportion of 65% seen in those within the 55 to 64 age range.
Furthermore, the report noted that geographically, the majority of copy traders on Bitget were resident in Western Europe, East Asia, and Southeast Asia. Western Europe made up the largest proportion, with 31% of all active copy traders, followed by traders in East Asia at 26%, and Southeast Asia at 19%.
While accounting for a minor proportion of traders, African users show the highest interest level in copy trading due to the emerging nature of cryptocurrency markets in the continent since users are usually less experienced and rely on copy trading as a start-off point.
African were closely followed by members of the Commonwealth of Independent States (CIS) when it came to the highest level of interest in copy trading.
Market remains highly volatile | Source: Crypto Total Market Cap on Tradingview.com
Crypto Users Enjoy Copy Trading
The study evaluated the trading activities of various active traders over the first quarter of 2023. Over 109,000 traders received profits through various copy-trading techniques, amassing about $74 million in aggregate earnings.
The study disclosed a high success rate among copy traders, with 93% of futures traders and 82% of spot traders receiving profits using the copy trading technique. Additionally, over half of the copy traders traded on Bitcoin (BTC), accounting for 52% of the total number of copy traders, closely 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 noted that Bitget is committed to ensuring improvement in its copy trading services, especially as it is in line with the firm’s “Smarter Trading” motto.
Bitget’s finding is supported by a report by The Insight Partners which projects that the social trading industry will witness significant annual growth at 7.8%, reaching over $3.77 billion valuation by 2028.
Featured image from iStock, chart from Tradingview.com
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