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The year 2024 has been a positive one for cryptocurrencies, particularly Bitcoin and Ethereum. At the time of publishing, BTC price stood at USD 69,278 while ETH stood at USD 3813.30.
In January, the U.S. Securities and Exchange Commission gave its nod for spot BTC Exchange-Traded Funds (ETF), and in May, we saw them approve the sale of spot ETH ETFs. Notably, experts are rallying for Bitcoin to touch USD 100,000 by year-end.
According to a survey by AMB Crypto based on 557 individuals, including crypto analysts, traders, investors, and experts, 67.3 per cent of respondents believe that BTC will see a price increase of over 80 per cent by the end of the year.
Over 50 per cent of the respondents said they preferred memecoins over Bitcoin; while over 50 per cent of the market participants want to invest in Bitcoin NFTs over Ethereum NFTs.
Among the crypto investors, about 36.8 per cent invested in memecoins; 25.5 per cent in AI tokens, 21 per cent in DeFi tokens, and 15.4 per cent in gaming tokens. Despite these options, a majority of 65.5 per cent chose to invest in Bitcoin.
Between 31 December 2020 and 7 May 2024, Gold appreciated by approximately 22.32 per cent, while BTC appreciated by 119.64 per cent during the same period. While investors remain divided on whether Bitcoin will replace gold as a store of value or not; a near 50 per cent believe it will eventually take over, but will take some time. 1/3rd think it is already displacing gold, while 18.9 per cent believe it will never replace gold.
Over a third of the respondents prioritized lower fees (expense ratio), while 25.5 per cent of those surveyed said they don’t invest in Bitcoin ETFs at all. Asia had the highest representation with 30.9 per cent, followed by Africa (23.5 per cent), North America (19.7 per cent), and Europe (18.9 per cent).
The report found that addresses with non-zero balances hit an all-time high. These addresses are unique holders with a sizable amount of BTC in their portfolios.
According to the report, BTC’s long-term network adoption is at its highest point in history and will translate into a price hike in the coming months.
However, it is quick to point out that the short-term outlook of BTC isn’t pleasant.
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