Report

6 highlights of the Vietnam Crypto Market in 2020

Posted on by Kyros

Vietnam is one of the most dynamic cryptocurrency markets in the world. To get here today, we have overcome many difficulties together. For the first time in history, Kyros Ventures and Coin68 are proud to introduce to the crypto community, the “Vietnam Cryptocurrency Market 2020” report. This document includes collective market insights, Vietnamese investors’ perspectives on many issues that we gathered through a survey conducted at the end of 2020. Let’s take a look at the 6 main points of the report. 

Vietnam Crypto Market

It will not be strange if you will find that crypto advertising in Vietnam is the image of a successful businessman with a luxury car, a penthouse. Men under 35 years old are the biggest participants in the Vietnamese crypto market. Other features include:

  • The two big cities, Ho Chi Minh City and Hanoi, have the highest concentration of interest for crypto, with 43% and 27% of the total number of respondents respectively.
  • In addition, nearly a quarter of respondents were engaged in crypto part-time, along with their other major jobs.
  • More than a quarter of respondents say they have a basic understanding of crypto but need guidance when exploring new products/trends.
  • The most common channel to acquire knowledge voted by the community is the reputable cryptocurrency news portals like Coin68.com.

Trading Behavior

Coin68 observes that the longer a person participates in crypto, the more likely it is to trade the longer term and the more confident they are to use more products. This is in contrast to newbies. But whether you are new or experienced, one piece of advice you will often hear is:

“You don’t trade margin, you lose. You trade margin, you lose x2.”

Perhaps that is why the most popular crypto product is Spot trading.

In Vietnam, there is an exchange that is leading in all 3 categories: Favorite Spot Trading Product, Favorite Derivative Product, and Favorite P2P/OTC Trading Product.

Portfolio Preference

More than 90% of respondents said they want to remain or increase the proportion of crypto in their portfolios for 2021 compared to the previous year. This is especially true for groups with a low crypto allocation of 50% or less.

The report also specifies the most common annual earnings of crypto-participants, along with their expectations for crypto return 10%, 30%, or x2 account this year.

Community View on Bitcoin

When the survey took place from mid to late December 2020, Bitcoin’s price fluctuated between $19k1 – $26k5. Our market report states that the community has little expectation of Bitcoin’s price reaching $ 40k in less than a month from the survey. In fact, most expect BTC to be between $16k – $20k in Q1/2021.

  • No one is expecting BTC to reach $50k, whether in the next 3 or 12 months.
  • The majority believes that Bitcoin will replace gold.
  • This confidence increases over a longer timespan, as the market grows stronger.
  • The paper reports the top 3 candidates voted by the community to threaten Bitcoin’s current leading position.

Perspectives on Altcoin

DeFi marks a brilliant 2020 year, occupying the top trends thanks to DeFi yield farming and liquidity swaps. However, the most expected trend in 2021 is Games on Blockchain and Non-fungible tokens (NFTs). The prominent views on Altcoin are summarized as follows:

  • More than 70% expect Altcoin 2021 season to take place.
  • Large-cap altcoins are expected to moon the most next year (but there are some surprises).
  • Uniswap dominates the Vietnam DeFi market, while other DeFi tokens still have windows of opportunity to challenge the lead.

Projects from Vietnam

The Vietnamese crypto community has voted according to 3 categories: Top 5 most popular projects, Top 5 projects with the best awareness, and Top 5 most used products.

As a result, only 6 names to be announced. Wonder what are the best Vietnam projects? Download your copy of the official report file.

On behalf of the research team of Kyros Ventures and Coin68, we’d like to thank all of you who have been supporting us from the very beginning. Sincerely send you and the crypto community the Vietnam crypto market 2020 report, as a tribute to all. We shall see you in the next report.