A majority of investors seem to be quite interested in crypto, although the crypto market is moving with downward momentum. The prices of digital assets such as Bitcoin have been fluctuating quite a lot, which has led many to believe that the crypto space might lose its significance.
On the contrary, the result of a survey suggests that the scenario is quite the opposite of what was anticipated. The research has been conducted by CivicScience, which is a consumer data aggregator.
According to the survey, a majority of investors have sold their shares to invest in cryptocurrencies. Let’s find out more details about the survey.
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Details of the Survey You Should Know
As mentioned above, the survey was conducted by CivicScience and included participants over the age of 18, residing in the United States of America. There were approximately 1,000 to 40,600 respondents to each of the questions.
The survey was sent to the participants at different times during 2021 and the outcome was determined by US census data.
In July 2021, the number of respondents that answered in favor of the crypto assets was only 10%. However, the number quickly rose to 24% in November.
Surprisingly, in just five months, the number of investors who would prefer investing in digital currencies rather than traditional stocks has increased to 140%.
Even though the prices of digital currencies have been moving up and down throughout this year, the number of people attracted to the crypto space seems to have increased.
One of the questions in the survey asked the participants how closely or somewhat closely they follow the financial markets. The second part of the question focused on how many of the participants or people they know have sold traditional stocks to purchase digital assets.
The results of both the questions were surprising as a vast audience who opted for the option that they closely or somewhat closely watch the financial markets swapped traditional stocks for crypto.
Out of 1,988 participants, approximately 44% of people sold around 10% of their solid stock portfolio to invest in cryptocurrencies.
It was also revealed that around one-fifth of the survey respondents sold more than half of their stocks and invested in digital currencies, which is a shockingly high number and quite noticeable.
What Should Crypto Investors and Traders Know?
Even though the prices of digital currencies such as Bitcoin are plunging, the prominence of the digital assets seems to be intact, according to the survey mentioned above. There has been a significant drop in Bitcoin’s price over the last week, as seen in the graph by CoinMarketCap below.
It is currently trading at $49,789 (at the time of writing), while the most popular altcoin Ethereum is trading at $4,381 (at the time of writing).
The survey mentioned above has clarified that a large number of investors are more interested in cryptocurrencies than traditional stocks. This has caused many to anticipate that the price of the digital assets would soon see a surge as well.
Therefore, if you are interested in stepping into the crypto space and investing in digital currencies as well, then make sure to choose the crypto exchange with the lowest fees.
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