Cryptocurrencies from the cradle. Bitget, crypto platform platform, has taken a closer look at the phenomenon of copy trading and social trading with a new study that reveals information about traders’ habits and preferences, highlighting copy trading’s particular fascination with the generation Zwhile other generations and regions are also joining this trend.
Bitcoin and cryptocurrencies, the darlings of Generation Z
The generation Zmade up of young people born in the late 1990s to mid-2000s, are the most intrigued by the copy trading. Surprisingly, 44% of all copy traders on the crypto Bitget belongs to this generation.
This inclination towards copy trading can be attributed to their :
- Appetite for new technologies;
- Engagement on social networks;
- Desire to follow in the footsteps of the influencers they admire.
As a reminder, copy trading is a trading method in which inexperienced or less confident investors can automatically copy and replicate the trades of more experienced and successful traders.
This approach allows novices to benefit from the knowledge and proven trading strategies of professionals, without having to master all the technical and complex aspects of trading themselves.
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Everyone rises for cryptocurrencies
The study also sheds light on the participation of various age groups in copy trading. Apart from Generation Z, traders aged 25 to 35 form 32 % of users, while the age brackets from 35 to 55 and over 55 represent respectively 17% and 7% respectively of users.
Even though older traders are in the minority, they are no less intrigued by copy trading and see it as a valuable source of expert advice.
Bitget copy trading: a worldwide success
Demographic influence is not the only factor underlining this trend. Geographically speaking, copy trading seems to resonate particularly in Western Europe (31%), closely followed by theEast Asia (26%) andSoutheast Asia (19%).
An interesting phenomenon is also emerging in Africa, where cryptocurrency markets are in full swing. Less experienced African traders are embracing copy trading as a starting point for navigating this new financial universe, again according to Bitget’s study.
74 million dollars in 2023 for Bitget copy trading
In the first half of 2023, more than 109,000 traders have made profitable gains through copy trading on the Bitget platform, accumulating an impressive total of $74 million in cumulative profits in USDT.
Futures copy-trading users posted a remarkable 93% success rate, while for spot copy-trading enthusiasts, the rate reached 82%. The undisputed stars are Bitcoin, accounting for 52% of transactions, closely followed by ETH with 44%.
Copy trading, as a gateway to crypto trading, demonstrates its continued relevance. At the same time, Generation Z continues to be attracted to cryptocurrencies such as points out in a KuCoin study, revealing an assertive passion for cryptoactives among young French Generation Z.
For you, blockchain technology and cryptocurrencies will soon be at the heart of everyday life for all of us. You can gain exposure to Bitcoin, Ethereum and other tokens on the rising exchange. Register now for Bitget and start learning about this world (commercial link).