Majority of Crypto Investors Optimistic About BTC and ETH
Bitcoin (BTC) and Ethereum (ETH) have experienced a decline of approximately 10% and 25% respectively since August, marking their lowest levels in the past six months. This downturn has led to a shift in sentiment among crypto investors, who are now leaning towards a more pessimistic view of the market.
Despite these price drops, a recent report indicates that most cryptocurrency owners maintain a positive outlook on the two largest digital assets. The report suggests that investor sentiment remains bullish, with a steady ownership pattern and a slowdown in the selling of digital assets over the last six months.
Gemini, a global exchange, recently published its 2024 Global State of Crypto Report, which surveyed 6,000 adults in the US, UK, France, Singapore, and Turkey. The findings revealed that a majority of investors are optimistic about Bitcoin and Ethereum, with 57% of respondents comfortable with including digital assets in their investment portfolios.
The report also highlighted that 27% of past owners are considering re-entering the market, indicating a potential resurgence in interest. Additionally, 62.5% of investors expressed confidence in the future price appreciation of BTC and ETH over the next five years.
Looking ahead, 55% of current owners believe there are more reasons to be bullish about the market’s future compared to the crypto winter of 2022. Moreover, a significant portion of surveyed investors (60.2%) anticipate widespread adoption of BTC, ETH, and stablecoins as payment methods by various companies within the next decade.
In terms of ownership trends, crypto ownership levels have remained stable in the US, UK, and France over the past two years. However, the percentage of past owners has increased, suggesting higher ownership rates before the recent market downturn.
Regulatory concerns have been cited as a barrier to entry for non-owners, with 38% of respondents in the US and UK expressing apprehension due to the lack of regulatory clarity. Singapore, on the other hand, witnessed a slight decrease in ownership rates, with 75% of past investors having exited the market more than six months ago.
Despite the market turbulence, the report indicates that past crypto owners are likely to return, with over 70% expressing interest in buying cryptocurrencies in the coming year. This resurgence in interest among former investors underscores a continued bullish sentiment towards digital assets.
As Bitcoin continues to trade at $57,120, and Ethereum faces market fluctuations, the crypto landscape remains dynamic, with investors navigating through price volatility and regulatory uncertainties.