More than half of crypto investors expect the cryptocurrency trading boom still has legs, research from blockchain-based derivatives trading platform CloseCross shows. The company surveyed global investors responsible for approximately $380 billion of assets under management.
Of the 57 per cent who believe the level of crypto trading will continue to rise, there is a pretty even split between those expecting a significant rise (29 per cent) and milder growth (28 per cent). On the flip side, only 21 per cent believe trading will drop, and only four per cent expect it to dramatically fall. Further data from the Financial Conduct Authority shows 2.3 million people hold crypto.
Respondents were slightly more bullish on Ethereum, as 51 per cent expect its value to increase over the next year (18 per cent expect it to rise dramatically) compared to 46 per cent for Bitcoin (19 per cent expect Bitcoin to rise dramatically). More folks expect a Bitcoin price drop than one for Ethereum by respective rates of 36 and 32 per cent. More (16 per cent) expect Bitcoin’s price to drop daramatically than they do Ethereum’s (10 per cent).
“The cryptocurrency market has gone through wild volatility this year, but professional investors still expect trading levels to increase over the next year although they inevitably have different views on the performance of individual currencies,” CloseCross CEO Vaibhav Kadikar said. “At CloseCross we are seeing traders predicting price stability for Ethereum and Bitcoin indicating that the trading community does not seem to be worried about any downward price pressures and the bears are still not at play. Our platform offers CloseCross Crowd Wisdom which provides real-time data on the views and investments of other traders enabling investors to make a more informed forecast based on increased transparency. People can choose to follow the crowd or go on their own views.”