40 per cent of crypto holders have been investing for three or more years
Around 40 per cent of cryptocurrency investors have been in the market for three or more years, research has shown.
UK-based money app Ziglu also found that eight per cent of crypto investors have been in the market for five or more years. The firm said that the longevity of investors in the market shows that it is moving into the mainstream.
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However, almost one in five (18 per cent) have started investing in the past six months, with six per cent saying they have only come into the market in the past three to four months, despite recent price falls and market volatility.
The research has found that only 12 per cent of crypto customers buy currencies through regular monthly payments while around 38 per cent said they bought their cryptocurrencies in a single lump sum.
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However, Ziglu, which offers account services and also enables customers to buy and sell a range of cryptocurrencies, said crypto investors should look to take advantage of “pound cost averaging” – investing every month to smooth out price volatility.
Ziglu’s study found 69 per cent of investors believe they have spent less than £1,000 on cryptocurrencies, and around 12 per cent estimated their crypto holdings are worth £5,000 or more.
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“Cryptocurrency investing is becoming ever more mainstream, as shown by the fact that so many customers have now been in the market for three or more years,” said Mark Hipperson, founder and chief executive of Ziglu.
“It’s not just a flash in the pan driven by rising prices, and that’s well demonstrated by how many people have been investing in the past three to four months, even as prices have been lower.
“It is also encouraging to see that investors are regularly drip-feeding money into their crypto investments rather than trying to time the market with one-off lump sums. The benefits of pound cost averaging are well known in the equity markets, and the principle applies equally well in the crypto market.”