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Despite the recent crypto sell-off, which wiped out a significant portion of the total market cap, buyers are investing in the investment.
According to a survey conducted by Voyager Digital, a crypto-asset broker, nearly 90% of participants plan to invest in more digital currencies in the next quarter. The survey included responses from 3,671 people at the end of last month as bitcoin prices plunged.
The May stock market crash was accompanied by a wave of international news regarding China’s ever-growing crackdown on crypto use and trading. Along with China, the United States has tightened its grip on cryptocurrencies as tax season approaches. Market volatility has also coincided with more decisions by large companies to ditch crypto as a payment due to environmental concerns. The uncertainty resulted in an almost 43% loss in the crypto market’s valuation in just two weeks.
Nonetheless, seven in ten investors surveyed remained bullish when asked about the price of bitcoin in the next quarter. Forecasts of at least 39% of respondents put the price of bitcoin in the $ 50,000- $ 70.00 range towards the end of the third quarter. At the time of going to press, Bitcoin has hit a local high above $ 41,000 and is showing a solid support level at $ 38,000.
Voyagers CEO Steve Ehrlich called the bullish attitude of investors after a massive sell-off as encouraging for the future of crypto.
Altcoin interest
The survey also boosted investors’ confidence in altcoin and revealed an extremely bullish outlook for Cardano, followed by Dogecoin.
This follows the meteoric rise in prices of Cardanos (ADA) over the past year. Last month, Cardano released plans across the African continent to expand accessibility to blockchain technology, which included a partnership with the Ethiopian government. Additionally, using the Proof-of-Stake concept gives Cardano a green edge amid the industry’s environmental concerns.
The story continues
Young crypto investors
Another recent survey conducted by CNBC found that nearly half of millennial millionaires have up to a quarter of their wealth stored in crypto assets.
Young investors remain bullish on the long-term trajectory of not only bitcoin and altcoins, but other developments in the space such as non-fungible tokens (NFTs) as well. As crypto continues to enter markets and mainstream media, only time will tell if bullish investor sentiment becomes a reality.
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