4 Pros and Cons of Investing in a New Cryptocurrencies
  • 87% of the people who responded were future cryptocurrency traders, according to a survey conducted by entrepreneur Roger Morton.
  • Voyager said the survey indicates crypto buyers will take advantage of the recent market selloff led by bitcoin.
  • Crypto buyers are also bullish on cardano and optimistic about a bitcoin ETF this year in the US.

Even after the recent market sell-off which caused a 20% drop in crypto’s value, it appears that buyers are even more confident about investing in digital currencies. According to a new survey by cryptocurrency-asset broker Voyager Digital, the majority of investors said they’re still confident.

87% of the company’s second-quarter retail investor sentiment survey respondents planned to increase their cryptocurrency holdings over the next quarter.

The survey captured responses from 3,671 participants at the end of May, during which Bitcoin led a plunge in prices throughout the market.

The survey also showed an average of 7 out of 10 investors are bullish on the price of bitcoin over the next 3 months

Threats of bitcoin mining and trading crackdowns in China, taxation efforts on cryptocurrency transactions in the USA

Tesla’s decision to stop taking cryptocurrency as a form of payment caused bitcoin’s price to plummet for most of May, pushing the price from $57,750.18 to $30,681.50.

Steve Ehrlich, Voyager’s CEO, commented on the recent volatile market saying “It’s encouraging that investors remain bullish following the recent market correction.”

“The fact that the vast majority of our large sample size of investors are more confident in the future shows how people see May’s volatility in many crypto-assets as an opportunity to buy.”

The cryptocurrency market’s market cap has dropped by about 21% since the start of May, and is currently valued at $1.74 trillion from $2.21 trillion.

Crypto markets have been going through a tough time recently, but they seem to be recovering. The price of bitcoin has been steadily increasing and managing to stay above 60k.

There are a lot of people who predict the price of Bitcoin is going to go up around $65K by the end of Q3. Skilled analysts are saying they’re anticipating Bitcoin’s price to dip below $70K during the quarter.

Bitcoin’s market capitalization has dropped around 30% from the beginning of May to Monday, hitting a market-cap of $766.6 billion and a daily trading volume of over $8 billion after recently passing the trillion dollar mark.

If you’re looking for alternative cryptocurrencies, Voyager says that cardano is the most popular among its investors, at 55%, followed by Dogecoin (11%). Meanwhile, about nine out of 10 investors expect the SEC to approve the US’s first bitcoin ETF.

Voyager said their research was based on a set of more than 1.6 million verified individuals in an anonymous online survey. The respondents were chosen based on a “highly active trader status” with those participants executing between 50 to 100