BITCOIN, Ethereum and Litecoin are the number one choice for investment among millennials and are the the most popular cryptocurrencies according to a new survey, it has been revealed.
A recent survey of 1,000 Americans asked how they would invest $10,000.
The survey found 9.19 per cent of millennials (18-34) would invest the money in cryptocurrencies, compared to just 4.04 per cent of Generation Xers (35-54) and 3.08 per cent of Baby Boomers.
Bitcoin remains the most popular choice, followed by Ethereum and Litecoin.
The survey, conducted by LendEDU, said: “Older generations had more of an interest in alt-coins when compared to millennial investors.
“Another interesting wrinkle from the virtual currency group was the Litecoin was more preferred across all generations than was Ripple.
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“As it stands today, Ripple has a larger market capitalisation than Litecoin, yet investors showed more of an interest in the latter.”
The survey found 76 per cent of millennials in the survey said they would invest the $10,000 in Bitcoin, 12 per cent in Ethereum and 12 per cent in Litecoin.
But there are several explanations for the result, such as the sample is extremely small and could therefore have missed those who would invest $10,000 in Ripple.
Another reason is Ripple in market capitalisation is fairly recent and so has yet to capture the attention of the average millennial investor.
Bitcoin, Ethereum, Litecoin and Ripple have all seen their prices fall recently.
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Bitcoin price: Bitcoin remains the most popular choice
However, with more young people interested in investing in cryptocurrencies than in alt-coins, in the long term cryptocurrencies could see their prices soar.
Cryptocurrency markets are extremely volatile and experience sudden changes in price.
Digital moneys have attracted an enormous amount of media attention over the past 12 months.
Following the success of Bitcoin, hundreds of new cryptocurrencies have been issued over the past 12 months.
Interest in investing in new un-tested online money forms took a tumble at the start of the year after the original cryptocurrency saw its value plunge.
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Bitcoin price: Cryptocurrencies have attracted an enormous amount of media attention
In December 2017 Bitcoin was worth $19,000 (£13,420).
However, in January its value plummeted to as low as nearly $6,000 (£4,240).
Since then Bitcoin’s price has slowly grown.
At the time of writing Bitcoin is worth $8,193.01(£5,756).
As the cryptocurrency appears to be showing signs of a renewed surge, its virtual money alternatives are also flourishing.
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Yogesh Vashist