Singapore's Crypto Crowd Is Shifting Its Focus Beyond Bitcoin

According to the 2025 Independent Reserve Crypto Index for Singapore, 94% of locals are familiar with at least one cryptocurrency.

Cryptocurrency awareness has reached a record high in Singapore, with 94% of locals familiar with at least one crypto, according to the 2024 Independent Reserve Crypto Index for Singapore. The survey, conducted by Milieu Insight Market Research, unveils interesting trends in the country's crypto landscape.

Familiar with at least one cryptocurrency: 94%

Familiar with Bitcoin: 91%

Bitcoin occupies 68% of the average investor's crypto portfolio.

The survey reveals a high level of familiarity with cryptocurrencies in Singapore, especially Bitcoin, which is known by a vast majority of the population. This indicates a maturing trading scene where digital coins are no longer a niche concept.

While Bitcoin holds the largest portion of investors' portfolios, the report highlights a shift in focus with altcoins also gaining popularity. XRP saw one of the strongest gains among altcoins, increasing from 14% to 17% of crypto holdings in the past year.

Cryptocurrency | Portion of crypto portfolio

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Ethereum 41% in 2023, up from 48% in 2024

Solana 17% in 2023, up from 19% in 2024

Dogecoin 18% in 2023, up from 19% in 2024

Among the major altcoins, Ethereum saw the biggest increase, rising from 41% to 48% as more investors add the ETH token to their stashes. Solana also saw a substantial rise, increasing from 17% to 19%, while Dogecoin saw a minimal increase of 1 point, rising from 18% to 19%.

Investors in Singapore allocate varied amounts each month, with 57% investing less than $500, 29% contributing between $500 and $1,000, and 10% dedicating more than $1,000 to buffer out market volatility with dollar-cost averaging.

Those figures suggest that most people treat crypto as a side play rather than a full-time career. It remains to be seen if this will change in the years to come.

Stablecoins are also part of the mix, with 46% of respondents saying they own—or once owned—these US-pegged assets. Of that group, 21% hold stablecoins now, and 25% have sold them in the past.

A large majority, 83%, prefer USD-pegged stablecoins, aligning with the prevailing trends in the global market. In this context, Ripple's new RLUSD has already reached a $310 million market cap in just a few months as part of a broader move by crypto firms to create more sophisticated stablecoins.

"We see RLUSD not only as a stablecoin for trading but also as having implications for cross-border payments and DeFi work in the region," said Fiona Murray, managing director for APAC at Ripple.

Singapore's data echoes trends highlighted by Bitso, which found that Latin American buyers preferred XRP over Ethereum and Solana in 2024.

As XRP adoption grows both regionally and in APAC, its role could shift from an afterthought to a core part of retail and institutional strategies.

For now, Bitcoin's dominance remains evident, but the increasing altcoin allocations, particularly with XRP leading the charge, suggest a dynamic and evolving crypto landscape in Singapore.