With the cryptocurrency market still tumbling through its never-ending cycles, a recent survey of CoinGecko touched on those embedded inside this rollercoaster – and drew out what appeared to be their sentiments.
The survey ran between June 25 and July 8, collecting answers from over 2,500 respondents, most of whom have some connection to the crypto sphere through investment or employment.
Published on July 10, the findings provide a nuanced insight into how cryptocurrency users feel, showing that market sentiment is almost equally divided.
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Divided Sentiments: Bullish vs. Bearish Perspectives
The survey showed that 49.3% of participants are bullish on the future value of cryptocurrencies, with this sizable cohort still seeing the potential for more gains and growth in the months ahead.
Meanwhile, about a quarter have little hope but are divided more or less evenly into either being completely bearish and those only slightly in the bearish.
At the same time, what is particularly striking about this survey result was more than a quarter of the participants had no or weak bias on either side—bullish or bearish outcomes.
This neutrality could be interpreted as a cautious approach by many, possibly waiting for more definitive market signals before committing to a firmer stance.
This large neutral sentiment could either mean that market participants are unsure of the directionality of Bitcoin or have a “wait-and-see’ approach as they await for clearer trends to emerge, according to CoinGecko research analyst Lim Yu Qian.
This disparity in sentiment is all the more clear when dissecting responses by market participant type. Spectators— not operators or direct investors in the sector — expressed more bearish sentiment, with 2 out of 5 being pessimists.
This group also had the highest percentage of neutral behavior, perhaps moving away from active trading or a calculated retreat to watch market moves from afar.
Conversely, the most bullish were experienced cryptocurrency owners who had been invested in digital currencies for years – indicating that more exposure and closer familiarity with how markets function could be linked to a positive perspective on prices.
The sentiment among individuals working within the cryptocurrency industry followed a similar positive outlook, highlighting how their faith in this sector and its long-term potential growth was unwavering no matter what current market challenges were ongoing.
Current Market Recovery
While these mixed sentiments paint a picture of a market at a crossroads, where enthusiasm and caution are equally present among its participants, it is worth noting that it comes when the market has contradicted all expectations.
As both the Bitcoin and Ethereum spot exchange-traded funds (ETFs) got approved by the US Securities and Exchange Commission (SEC), many have expected the crypto market to be on a bullish ride by now. However, contrary to these expectations, the market has recently had a downward trend.
Although it appears the global crypto market is currently seeing a form of recovery, up by nearly 1% in the past day with a current valuation above $2.2 trillion, it is worth noting that this current market performance comes against the backdrop of Bitcoin and Ethereum seeing a notable plunge last week.
Bitcoin traded at $53,000 last Friday for the first time since February, while Ethereum also traded at a low level of $2,847. Both assets are now up, with BTC trading back above $58k while ETH is trading at $3,175 at the time of writing.
Featured image created with DALL-E, Chart from TradingView
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