A survey conducted by Kraken among its users revealed that most traders expect bitcoin to reach a new record high before 2021.
According to CoinTelegraph, the survey analyzed the responses of 400 major Cryptocurrency traders in Krakow; 41% of participants considered themselves to be “investors”, 40% of the “traders”, and 15% of the “institutions”. Have introduced. Cryptocurrency exchanges, miners and payment processors also make up the remaining 4%.
84% of respondents have a value of less than $ 10 million and 11% manage between $10 and $50 million. Traders with a capital value of between $50 and $100 million and above accounted for only 6% of participants.
The survey shows that the average target price for Bitcoin is $ 22,866 per the year 2020. Traders do not expect Ethereum to reach a new record high and see the average target price for Ethereum at $810.
The general sentiment on the market seems a Bitcoin bullish. 44% of participants believe that the Cryptocurrency market is on an upward trend. 22% disapprove and believe the market is going down. The remaining 34% did not give a definitive opinion.
In the meantime, traders were somewhat unanimous about what stimulus would accelerate the growth of the Cryptocurrency market in the next 12 months. The “acceptability and usability” option tops with 19% of the vote. The upcoming poll with 15%, political “conflict” with 11%, “fear of falling behind the market” with 11% and economic “crisis” with 9% are the other answers.
Participants showed greater agreement on the factors that threaten the industry. 32% consider “regulation” as the biggest threat to the Cryptocurrency market. The “cheat, hacking, scam” option also garnered 23% of the vote.
Fundamental considerations and technical analysis seem to be equally popular among traders. 26% believe that technical analysis determines their business decisions, and 24% evaluate their transactions through a fundamental analysis method. Another 23% is in line with market sentiment.
The state of the global economy and traditional markets have only influenced the decisions of less than 50% of respondents. 55% of participants believe that the mainstream of finance has not influenced their recent six-month decisions on Cryptocurrency.
More than half of the participants (54%) predicted that the Year 2020 would be the penultimate season.
The survey also asked its participants to name their favorite 5 ALTcoin. At the top of the list are Ethereum, Monero, Ripple, Litecoin, and Tezosrespectively.
About half of the respondents (44.4%) claimed that they did not use stable Cryptocurrencies. Tetra was identified as the most popular Cryptocurrency by far. According to the survey, 33.6% of users use Tether, 8.7% use (USDC), and 8.4% use Dai.