This week the cryptocurrency exchange Huobi’s educational subsidiary ‘Huobi Research’ conducted a survey with close to 2,000 individuals from 23 different countries to get a visual of what cryptocurrency sentiment looks like today. As cryptocurrencies have slid in value over the past three months according to the report, 77.9 percent of those polled were still bullish over the next three years.
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Digital Currency Investors Still Optimistic After the Recent ‘Crypto Winter’
Huobi Research has recently published a cryptocurrency sentiment index-survey taken from 1,797 people stemming from various regions worldwide. Questionnaires were distributed over the internet and respondent identities cannot be confirmed Huobi explains. The sentiment index measured positivity and negativity in score ranges between 0 to 100 while a 50 point mean indicates the market cap remains unchanged.
The study details that out of those surveyed in the sentiment index for composite investors this month is 71.7 percent. Short term sentiment ranged around 61.1 percent, medium term (76.4%) and long-term measured around 87.5. Huobi’s report also details that 77.9 percent of voters believe cryptocurrencies will rise by more than 30 percent in the next three years. Even after the ‘Crypto Winter’ of 2018 in the short term, more than half of those polled believe that the total market value of cryptocurrencies will increase in the next month.
“The short-term market expectations of investors were scattered, but the overall sentiment was optimistic,” explains the study.
55.6% of the voters believed that the total market value of cryptocurrency would increase in the next month, with the highest percentage of voters choosing to increase slightly, reaching 29.6%. Another 26.4% of voters held a more pessimistic view and believed that the market value of next month will decline.
Investors More Confident in the Medium and Long-Term Cryptocurrency Prospects
The research reveals that most investors are more bullish towards the medium-term market in regard to the cryptocurrency economy. Around 77.6 of the participants believe that the total market value of cryptocurrency will see gains in the next three months. “51.1% of the voters were confident in the market and believed that the market value of cryptocurrency would increase by more than 30% in the next three months,” Huobi’s paper details. The long-term analysis reveals similar findings:
About 14.9% of voters were pessimistic about the market for the next three months — A total of 88.0% of voters were bullish about the long-term market.
Overall the long-term is where the most confidence rests at the moment with the investors Huobi surveyed. Additionally, the report explains investors who think the crypto-market cap will drop by more than 30 percent accounted for 6.9 percent.
What do you think of the Huobi Research survey? Do you think sentiment indexes can show a good indication of how people feel about the market? Let us know what you think about this research in the comments below.
Images via Shutterstock, and Huobi Academy of Blockchain Research.
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Author: Jamie Redman