The market is up, and there’s good reason to believe it will keep on climbing. Crypto investors are bullish as ever despite the recent price weakness. Cryptocurrencies’ popularity and market cap have continued to increase in the past week despite the recent bearish market. The number of people interested in cryptocurrencies continues to rise as well. And the price of bitcoin continues to break records, reaching a new all-time high.
The chart below shows a recent study of crypto investors vs. the market (Bitcoin market capitalization is shown as a percentage of the current market cap of all cryptocurrency). The blue line is the total percentage of investors who are bullish. Note that it is trending upward over time, which means that more and more people are becoming bullish on the market. The study was conducted by a firm called CoinMarketCap.Despite the recent market drop of 50%, investors are still bullish on Bitcoin and other cryptocurrencies, according to a survey. With the cryptocurrency’s wild price swings and the controversy surrounding its environmentally unfriendly energy usage, bitcoin investor Tim Draper is sticking to his prediction that bitcoin will hit $250,000 by the end of 2022 or early 2023.
Recovery of coins
Although the market remains uncertain, many coins have recovered significantly. Despite this, 87 percent of respondents said they wanted to grow their crypto holdings in the coming quarter, up from 80 percent in the previous quarter. By the end of Q3 2021, 39% of respondents stated that the Bitcoin price would fall between $56,000 and $70,000, while 28% projected a price between $41,000 and $55,000. The percentage of people who thought Bitcoin will hit $71,000 was 18 percent, down from 20% in the previous poll. Notably, more than nine out of ten people polled believe the US Securities and Exchange Commission would eventually approve a Bitcoin ETF, an exchange-traded fund that proponents say will raise Bitcoin’s value by exposing it to institutional investment. Cardano (ADA) was the most popular altcoin among respondents who stated they were most bullish on it. Cardano (ADA) was voted the most bullish altcoin by 55 percent of respondents, followed by Dogecoin (DOGE) (11%) and Chainlink (LINK) (6%). Polkadot (DOT) was voted the least bullish altcoin by 6 percent of respondents (6 percent). Despite the fact that Bitcoin (BTC) and the wider cryptocurrency market have experienced one of the biggest drops in recent past, investors appear to be more optimistic than ever about Bitcoin and a slew of altcoins’ future prospects. According to a survey of 3,671 high-frequency traders on the Voyager platform done by crypto business Voyager Digital in Q2 of this year. Despite the sharp price decline in April and May, when Bitcoin and other cryptocurrencies lost more than half of their value, the survey indicated that 81 percent of respondents felt more optimistic about cryptocurrency’s future. Voyager digital CEO Steve Ehrlich said that according to our findings, 87 percent of investors plan to raise their crypto holdings in the coming quarter, a significantly larger rate than the last survey we performed in April.
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