XRP Emerges as the Most Popular Altcoin in Latin America: Bitso Report

According to CryptoPolitan on April 21, XRP has emerged as the most favored altcoin in the Latin America (LATAM) region. A new report by cryptocurrency exchange Bitso revealed that in 2024, 9% of all crypto transactions in the region involved the purchase of XRP — surpassing Ethereum (5%) and Solana (4%), making it the most popular altcoin among LATAM crypto investors.

Bitso is a leading crypto financial services provider in Latin America, with over 9 million retail users across Argentina, Mexico, Colombia, and Brazil. The report compared user purchase and holding behavior in 2024 versus 2023.

XRP Sees Recent Surge in Portfolio Share

Notably, XRP's popularity is a relatively recent phenomenon. In 2023, XRP held 0% of the average user portfolio; in 2024, that figure surged to 12% — largely attributed to a price rally at the end of 2023.

Why XRP Is Gaining Traction

XRP faced significant challenges after the U.S. SEC filed a lawsuit against Ripple in late 2020. However, a turning point came after Donald Trump’s presidential win in late 2023. Following the election, XRP surged more than 300%, reaching a multi-year high. Although the token has since corrected to around $2, it has only declined 10% year-to-date — a relatively strong performance.

This compares favorably to Bitcoin’s 9.56% drop, Ethereum’s 52% decline, and Solana’s 28% pullback in the same period.

Stablecoins and Bitcoin Still Dominate Portfolios

Despite XRP’s growth, Bitcoin (BTC) and stablecoins remain dominant in user portfolios. In 2024, BTC accounted for 49% of the average portfolio, down from 57% in 2023. This drop is likely due to the rise of meme coins, altcoins, and fiat-backed tokens.

There has also been a shift in the most purchased assets. In 2023, BTC led with 28% of all purchases. In 2024, Circle’s USDC became the most bought crypto at 24%, followed by Tether’s USDT at 15%. The increasing use of stablecoins and fiat-pegged tokens is attributed to high yields, declining local currency values, and a desire for diversification and profit realization.

Crypto Adoption Accelerates in Latin America

Bitso reported growing crypto adoption across all four of its operating countries. Argentina saw an 11% increase in registered users, Mexico 13%, and Brazil and Colombia 6% each.

By age group, users aged 25–34 made up 38% of the user base — the largest segment — followed by 18–24 and 35–44, each at 23%. Adoption was lower among older age groups, with users 65 and older accounting for only 2%.

Interestingly, trading activity among older users is increasing. The 45–54 age group saw its trading activity rise from 13% to 14%, while 55–64-year-olds increased from 5% to 6%.

While crypto adoption continues to grow rapidly among younger generations, older demographics are also gradually increasing their participation.