Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey
Cryptocurrencies have seen wide adoption in the Australian continent, as reflected by a new survey.
Volatility Deterring Widespread Adoption Of Crypto
In a previous survey by The Finder of 1,004 participants in January, about 1 in 4 respondents revealed that they invest in or plan to buy cryptocurrencies.
The number has nearly doubled according to new findings, per reports by The Australian. Of the unknown number of surveyed respondents, about 1 in six Australians (about 17%) said they now own cryptocurrencies. A further 13% said they are interested in cryptocurrencies and would place a stake in the nascent industry as the months go by.
But most of those who participated in the new survey noted that volatility was a huge deterrent. About 43% said that the erratic price swings were a barrier for them to place a stake in virtual currencies. This reflects a 14% increase from the January survey.
Aside from volatility, the knowledge gap of what crypto does comes in at 19%, and limited utility comes in at 18%. Another barrier is that Australians do not know how to buy it, with 22% of respondents stating this fact.
50% of male participants pointed to volatility as a reason they cannot invest in the nascent sector compared to 37% female respondents.
Speaking on the results, Finder personal finance expert Kate Browne said that risk has continued to undermine the adoption of cryptocurrencies. However, she noted that this is a norm for any investment.
Browne noted that the greater involvement of women in the crypto space was a good sign. According to her, this is because more businesses accept BTC payment, and the use of Bitcoin automated teller machines (ATMs) and debit cards was further aiding the growth of the digital asset.
Crypto Is Overvalued
Bitcoin is still the top dog despite volatility with a 9% market share. However, it has lost 4% from the 13% market share it enjoyed in the Jan. survey. Ethereum follows with 8% while parody coin DOGE comes in third 5%. Finally, Bitcoin Cash takes up the rear with 4%. BTC 0.06% Bitcoin / USD BTCUSD $ 60,877.51
$36.530.06% Volume 24.78 b Change $36.53 Open $60,877.51 Circulating 18.85 m Market Cap 1.15 t 17 h UNIFY Financial Credit Union and Five Star Bank Allows Customers to Now Buy, Sell, and Hold Bitcoin 1 d Canadian Group-Retirement Savings Company Adds Bitcoin and Ethereum to its Plan 1 d Walmart is Running Pilot Program to Allow Users to Buy Bitcoin at 200 Coinstar Kiosks Across the US ETH 2.31% Ethereum / USD ETHUSD $ 4,103.07
$94.782.31% Volume 14.37 b Change $94.78 Open $4,103.07 Circulating 118.05 m Market Cap 484.38 b 1 d Canadian Group-Retirement Savings Company Adds Bitcoin and Ethereum to its Plan 1 d Robinhood’s Cryptocurrency Wallet Waitlist Grows Over 1 Million, says CEO 1 d $5.5 Billion AUM Pension Fund Buys Bitcoin and Ether Because They Can’t “Ignore” It Anymore DOGE 1.50% Dogecoin / USD DOGEUSD $ 0.25
$0.001.50% Volume 1.56 b Change $0.00 Open $0.25 Circulating 131.81 b Market Cap 32.81 b 1 d Robinhood’s Cryptocurrency Wallet Waitlist Grows Over 1 Million, says CEO 4 d SHIB’s Robinhood Listing Effect, Petition Draws Nearly 270k Supporters 1 w CME Bitcoin Futures Open Interest Cracks A New ATH, Ethereum Aims for $4k Again BCH -1.37% Bitcoin Cash / USD BCHUSD $ 622.43
-$8.53-1.37% Volume 1.07 b Change -$8.53 Open $622.43 Circulating 18.88 m Market Cap 11.75 b 4 d Interactive Brokers Launches Bitcoin, Ethereum, and Crypto Trading for RIAs in the US 1 w Robinhood Cites Regulatory Actions or Policies Towards Crypto as Business Risk in Filing 3 w Grayscale Makes Solana (SOL) the 4th Biggest Holding in its Digital Large Cap Fund, Adds Uniswap (UNI) too
The survey also noted that one-quarter (about 25%) felt that cryptocurrencies were overvalued. This number has grown 9% higher from the earlier survey. In addition, 32% said they would rather buy shares or place their money in savings than purchase crypto assets.
The crypto market has seen negative price action after concerns about BTC mining protocol were aired by Tesla boss Elon Musk. In addition, following China's ban of digital assets for payment, the crypto market lost 50% of its value and is still struggling. BTC trades at $35,600 on the 24hr chart.