CoinGecko – the crypto analytics and data aggregator platform published a survey recently, detailing the high optimism in the cryptocurrency crowd about the future, in its Q1 2020 report. The survey inquired 638 participants about their perception on the global economy and crypto-assets in the next twelve months.
Regarding global economy, 18% of the people replied that its going to be extremely bleak. 26% said that it was going to be bad, 29% were neutral. However, 14% thought that its going to be good and only 13% were extremely optimistic in their outlook of the global economy.
In contrast, only 4% people were extremely pessimistic about the crypto market in the next twelve months. 8% replied that its going to be bad, 21% were neutral in their opinion. 27% of people feel that its going to be bad and a massive 39% of people were extremely optimistic about the crypto market in the future.
CoinGecko Survey About The Cryptocurrency Trading And Research Habits
The survey further revealed that 59% of the traders responded that COVID19 doesn’t change the way they trade. Out of 694 people, 638 had traded crypto recently and 91% of the traders (581 participants) do their own research before trading.
The time spent by crypto traders before research also presents an atmosphere of high information flow and habit of making informed decisions. 59% of the traders do their research every day, 34% managed research once a week and only 7% did their research once a month.
The survey further revealed that 15% of the people responded that they do their research in under 30 minutes. 27% of the participants said that the duration was between 30 minutes to 1 hour. 20% said that the research time was between 1 to 2 hours. A high number 30% revealed that the research duration exceeded 2 hours. 9% people replied that it depends on the situation.
Interpretation Of The Data
The CoinGecko survey reveals that people are more optimistic and positive about the crypto-market than they are of the global economy. This data matches with the earlier released statistics from the digital assets investment fund Grayscale Investments that institutional investments have broken records in the first quarter of this year. The stablecoins issuance also paints a similar picture that most investors are sitting on the sidelines, waiting for the opportune time, since the issuance of stablecoins especially Tether (USDT) is at all time high. Despite the crypto market slowdown and the recent March sell-off, the traders have removed funds from crypto-assets and taken a safe position in stablecoins, which aren’t subject to the same volatility and risk as other crypto-assets.