Even though the cryptocurrency world has witnessed one of its outstanding price downturn in the recent past, investors are still very optimistic that the year of bull market will return. This is factually based on a recent study carried out. The second quarter study was conducted by a crypto company; Voyager Digital and had 3671 high-frequency traders as respondents.
Feedback from the study shows that 81% of the participants are optimistic that the coming times for cryptocurrencies will be favourable. This great faith in the coin comes after the price decline of the last two months that led to about a 50% loss in the market worth of Bitcoin and other cryptos. However, some cryptos have markedly bounced back even though the market is still not stable.
All these notwithstanding, 87% of the study participants stated that they intend amassing more crypto asset over the next three months. This marks an increase in the 80% number that had the same intention during the study conducted within the first trimester of the year.39% of the participants opined that the Bitcoin price will be within the range of $41,000 to $55,000 by the third quarter of this year while 28% gave a range of $41,000 to $55,000.18% thinks Bitcoin will climax to $71,000, this however marks a decrease as 20% of participants had the same view in the last survey.
At least 9 out of 10 of the respondents expressed faith that the Securities and Exchange Commission of the U.S will endorse a Bitcoin ETF which according to them will place Bitcoin at the forefront and offer organizations the chance to invest in it.Data from participants which showed their faith level in other cryptocurrencies aside Bitcoin revealed that Cardano rated highest with 55% of them optimistic about its future. Dogecoin followed suit with 11%, Chain link garnered 6% and Polkadot had 6% of the respondents on its side.
The CEO of Voyager Digital; Steve Ehrlich said that it was heartwarming to record such level of confidence in the coins amidst price decline. He posited from the study results that investors perhaps saw the market situation as a period to accumulate more coins and not as a setback. He also stressed that the increase from 80% to 87% of survey participants who were willing to increase their crypto assets soon was reassuring.
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