XRP, Altcoin preference ranked 1st in Latin America…Bitcoin proportion decreases

Among Latin American investors, XRP emerging as a major purchasing target following Stablecoins and Bitcoin (Source: Bitso)

XRP has emerged as the most preferred altcoin in the Latin America region. On the 19th, Cryptopolitan, citing the latest report by cryptocurrency exchange Bitso, reported that 9% of all cryptocurrency transactions in this region in 2024 were focused on purchasing XRP. This is a figure that surpasses Ethereum (5%) and Solana (4%), indicating that XRP is receiving overwhelming support among investors.

Bitso is a leading cryptocurrency financial platform with over 9 million users across four countries: Argentina, Mexico, Brazil, and Colombia. According to the report, interest in XRP was almost nonexistent until 2023, but has shown a rapid turnaround this year with its share in investment portfolios rising to 12%. This trend is interpreted as a result of regained investor confidence after XRP surged more than 300% following the election of President Donald Trump late last year.

Currently, XRP is trading at the $2 level, showing a limited decline of 10% compared to the beginning of the year. This is relatively stable compared to a 52% drop in Ethereum and a 28% fall in Solana during the same period. Bitcoin also fell about 9.5%, showing a similar level.

However, in terms of portfolio ratios, Bitcoin remains the most dominant at 49%. However, this is a decrease from last year's 57%, seemingly influenced by the rise of meme coins and altcoins, and stablecoins. In fact, the most purchased cryptocurrency by users this year has shifted to Circle's USDC (24%), with Tether USDT following at 15%.

This report shows that the use of cryptocurrencies is spreading across Latin America. According to Bitso, Argentina saw an 11% increase in users from the previous year, Mexico 13%, and Brazil and Colombia each increased by 6%. By age, those aged 25 to 34 accounted for 38% of all users, making up the largest share, and the young generation between 18 and 44 is leading the market.

An interesting point is the increase in trading activity among older age groups. The activity rate of users aged 45-54 increased to 13%-14%, and for those aged 55-64, it increased to 5%-6%. This indicates that interest in cryptocurrencies is spreading across generations.

The strong performance of XRP appears to be the result of Ripple's crisis escape and the Trump administration's pro-cryptocurrency stance coinciding, and the influence of the Latin American market is likely to continue expanding for the time being.