Data provided by U.K.-based finance app Revolut shows the coronavirus lockdown has impacted the crypto trading habits of its users.
Almost a third of Revolut’s 10 million customers have traded cryptocurrency on the app, which caters to casual, retail crypto traders.
As the lockdown restrictions were introduced during March, the average size of cryptocurrency purchases from its U.K. customers fell by 58%, from roughly $663 to $281.
UK traders regain confidence during April
However, crypto confidence rebounded strongly towards the end of April, with the average sum purchased by users increasing 57%.
There was a 68% increase in the number of app users trading crypto assets.
The average value of each trade also dropped by 52% during March, followed by a 63% increase the following month.
Revolut reports that selling activity also increased from April 20 until May 4, with the number of users selling increasing by 38% alongside a 13% increase in average sell order size.
XRP beats out ETH volume
Bitcoin (BTC) was the most-popular crypto asset during March and April, comprising 51% of all trades on Revolut.
Ripple (XRP) ranked second representing 20% of trades, followed by Ethereum (ETH) 14%, while Litecoin (LTC) and Bitcoin Cash (BCH) captured 8% each.
Revolut also found a strong correlation between a user’s age and the sum of crypto they purchased, with 55-64 year-olds averaging $423 per trade while 18-24 averaged nearly $134 per transaction.
U.K.-based trade activity was stronger than European volume by approximately one-third.
US retail traders drive record trade in March
The data on casual retail users contrasts with CryptoCompare’s reported record volumes in both the spot and derivatives markets of the leading crypto exchanges during March — indicating a frenzy of trade activity among professionals and institutions.
Coinbase also reported record trade on its retail platform during March.