Turkish investors are a significant force in the cryptocurrency markets, as evidenced by the Turkish Lira (TRY) trading pairs on global exchanges. Conservative estimates suggest there are over 5 million Turkish crypto investors, with actual figures likely much higher. A key question arises: which altcoins do Turkish investors trade the most?
Gathering data on this topic can be approached in two ways. One method involves visiting every local crypto exchange in Turkey to compile the trading volumes of altcoins into a spreadsheet, a task that could exceed 10 hours. Alternatively, 21milyon.com provides real-time data on 380 different altcoins traded on local exchanges, including price, volume, and performance in TRY over selected periods, all within seconds.
To access this information, one simply needs to visit the website and sort the cryptocurrencies by volume. By doing so, I encountered a list that, although not surprising, revealed Tether (USDT) at the top due to its utility in trading against the volatile TRY. Bitcoin follows, offering less profit but perceived as safer compared to the general market. Other altcoins like SOL, TIA, and AVAX also rank high on the list.
Millions of crypto investors in Turkey have a high appetite for risk, which has sustained demand for altcoins like SOL and AVAX. For instance, FET Coin saw immense interest from Turkish investors from the start of the year until the second quarter, an interest not mirrored on global exchanges. This local enthusiasm resulted in gains up to tenfold for some investors.
The Turkish investors’ preferences differ from global exchange volume rankings, potentially offering an advantage. As with FET Coin, altcoins that attract significant attention from Turkish traders could see more growth.
Furthermore, 21milyon.com also offers a news section that provides around-the-clock updates on the latest developments in the crypto world.