Crypto Sentiment: what is the market feeling at this part of the year?
The Cryptocurrency sentiment is very strong as 2022 comes to a close, with most active buyers and enthusiasts planning to buy more cryptocurrency this year. In fact, 72% of crypto enthusiasts are more likely to invest in cryptocurrency now than at this time last year.
Cryptocurrency has had a tough year. After many currencies reached all-time highs in November of 2021, the overall market has declined sharply in the past 12 months. Bitcoin dropped from an all-time high of $68,789 to an annual low of $17,708.62, before settling in at about $21,000 — a price that has been surprisingly stable since July of this year until its further fall to 15,891.69 during the last week.
We conducted a survey in the first week of November 2022 among cryptocurrency enthusiasts and active buyers to gauge overall sentiment about the crypto market. Despite the past year’s sharp price declines, overall sentiment was extremely high, with 60% indicating that they “strongly agree” with the following statement: “Now is a good time to invest in cryptocurrency.”
An eye-opening 83.3% stated that they planned on purchasing additional cryptocurrency before the end of this year. And 72.2% indicated that they were more likely to invest in cryptocurrency than they were a year ago.
What’s going on here? One possible answer is that the significant price declines followed by relative stability indicates that many experienced cryptocurrency traders see the next few months as a strong buying opportunity. Institutional buying since the Summer has been growing, according to recent articles and surveys from CoinTelegraph and BeInCrypto.
Despite the uncertainty of the past several months and the doom and gloom surrounding what some have called the “Crypto Winter”, our survey this month seems to indicate a Spring thaw potentially arriving in December.
— About the Survey The Cryptocurrency Sentiment Survey is conducted by Crypto Snack. Crypto Snack is the company behind $SNACK, a leading DeFi token that’s focused on growing the crypto community by bringing the physical and digital world together.
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