New data from Revolut has revealed how the trading of cryptocurrency on its app has moved in line with consumer confidence related to the economic effects of the Coronavirus.

The proprietary data was gathered from the three million Revolut customers in the UK who have used its cryptocurrency trading service, which allows users to buy and sell Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), Ethereum (ETH) and Litecoin (LTC).

From 16 to 30 March a significant drop occurred in both the average amount of crypto bought by UK users per week (down 58 per cent from £541.05 to £229.29) and the average amount per crypto trade (down 52 per cent from £281.80 to £133.79) as lockdown measures came into place and uncertainty, particularly around finances, increased.

As lockdown continued, interest in cryptocurrencies remained relatively stable until the week commencing 20 April when, driven by a BTC surge, interest in the market began to increase and users began to purchase more and at higher values. From 20 April to 4 May, the number of users buying cryptocurrencies rose 68 per cent, the average amount of cryptocurrency bought by users increased by 57 per cent and the amount bought per trade increased 63 per cent.

As the possibility of a ‘return to normal’ began to look more likely, interest in selling cryptocurrencies increased too. From 20 April to 4 May, the number of users selling cryptocurrencies rose 38 per cent, the average amount of cryptocurrency sold by users increased by 36 per cent and the amount sold per trade increased 13 per cent.

Throughout the lockdown period, BTC dominated purchasing habits, with a total 51 per cent share of the cryptocurrency trading market through Revolut. This was followed by XRP at 20 per cent, ETH at 14 per cent and LTC at eight per cent.

While Bitcoin consistently remained the most popular cryptocurrency to purchase over the lockdown period, average trade sizes fluctuated wildly between different currencies. Average trade sizes peaked week commencing 4 May at £282, and were lowest at £134 on the 30 March, the week when lockdown restrictions came into place.

Revolut’s data also shows a significant age split, highlighting how different age groups buy and sell cryptocurrency. Those in the 55 to 64 age group bought at the highest value of £345 per trade, whereas those in the 18 to 24 age group trade at the lowest value, at £109 per trade.

While crypto trading trends were replicated broadly across Europe, Revolut’s data highlighted that Brits trade at considerably higher volumes and per-trade amounts compared to their European counterparts. From the week commencing 16 March to the week commencing 18 May, those in the UK bought an average of £399 per week of cryptocurrency, whereas across Europe as a whole, this sat at £280 - 30 per cent lower.

In the UK, the average transaction for buying crypto was £231 during lockdown, a figure which dropped by 27 per cent to £168 across the whole of Europe.

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