Kraken Poll Involving Traders Suggests Good Times For Bitcoin
Kraken conducted a user poll to ask the traders about what they expect from bitcoin in 2021. The poll received a response from over 400 traders where 41% of those introduced themselves as investors, the number of traders came around 40% while Institutions took the third spot with 15%, and the remaining 4% was made up of top exchanges etc.
The survey reached the conclusion that the average price traders expect bitcoin to hit is $22,686. However, when asked about ethereum they didn't expect such a surge for it and stated that a figure of around $800 appears likely.
The market appears bullish for many, but some find it bearish too. For instance, 44% of participants were highly bullish about the market rise, while 21% see it being in a bear trend, while 34% are clueless about where it's heading.
There were various reasons along with traders to what will lead to bitcoin reaching this point. Adoption was the choice of 19% of people; the much-anticipated bitcoin halving took the second spot with 15%. The geopolitical tension came third with 11%, and finally, the fear of falling behind and the economic crisis got 11% and 9% respectively.
The current global crisis the world is facing right now influenced the decision of 45% per cent people. In comparison, for 55% of the voters, the fiasco surrounding the current financial markets was not a factor they took into consideration before voting.
Kraken Poll Paints a Good Picture For Altcoins TooIf the Kraken poll is something to go by, then 2020 appears to be a good year for altcoin with 54% people voting that this could be a year of bitcoin.
The top 5 altcoins, according to traders, are Ethereum, Monero, Ripple, Litecoin and Tezos. While more than half stated that they don't use altcoins, almost 44% chose Tether as the most prominent stablecoin, USD coin took the second spot with 8.7% vote in their favour and DAI receiving 8.4% votes.
You May Also Read.
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- What Is the Impact of Coronavirus on Ripple
About The Author
Zain RazaZain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.
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