According to a recent survey by CoinGecko, many cryptocurrency investors are feeling pessimistic about the recent performance of cryptocurrency market prices. The performance of Bitcoin and other cryptocurrencies has undoubtedly left many investors looking to buy in June and the first week of July.
This lackluster performance is far from what many would have expected, especially considering that Bitcoin recently completed its halving. The CoinGecko report, which surveyed 2,558 people, shows that 49.3% of respondents remain bullish on the market.
CoinGecko Report Reveals Decline in Bullish Sentiment
With the market lately through a rough patchNo wonder investor confidence has been damaged. According to New survey According to CoinGecko, less than half of cryptocurrency holders still feel optimistic about their investments.
The survey, which ran from June 25 to July 8, 2024, examined the various sentiments of 2,558 crypto participants and concluded with no clear consensus on sentiment. However, the survey was able to conclude that there was a decline in bullish sentiment that persisted throughout most of the first half of the year.
Only about 45% of crypto investors surveyed are still waving the crypto flag enthusiastically. This means that the majority are either hesitant or have jumped ship entirely. Specifically, only 23.2% of respondents were completely bullish, while 26.1% felt somewhat bullish.
Moreover, 25.5% of traders were neutral and neither bullish nor bearish. On the other hand, 25.2% of respondents had a bearish outlook. This group was further divided into two groups: 11.8% of them were completely bearish, while 13.4% of them felt slightly bearish.
Despite the decline in bullish sentiment, it is important to note that the figures take into account all types of market participants, including spectators and short-term traders. These two groups of traders are not known for their long-term bullish sentiment.
When breaking down sentiment by participant type, investors still maintained a bullish outlook, with 54.1% of crypto investors feeling optimistic, while only 20.7% were bearish. Investors are those who are more likely to hold their assets for the long term. Builders were the second most optimistic, with 47.6% indicating bullish sentiment and 31.6% indicating bearish sentiment.
As expected, short-term traders and onlookers were the least optimistic. Only 39.0% of short-term traders expressed optimism and 33.5% were pessimistic. Meanwhile, only 28.5% of onlookers were optimistic, compared to 42.4% who expressed pessimistic sentiments. Onlookers are respondents who had no direct involvement in the cryptocurrency market at the time of the survey.
At the time of writing, the cryptocurrency was The market is starting to recover. It rose 2.98% in a 24-hour time frame. Investors are bracing for what could be a Bullish week for Bitcoin And other cryptocurrencies.
Featured image from IndyStar, chart from TradingView