The crypto market has been quite volatile over the past month. The correction phase of Bitcoin and the subsequent downtrend also triggered a phase of increased volatility for Altcoins. Global crypto market cap, which hit $ 2.5 trillion in May, is down to $ 1.3 trillion at press time, a 47% decline.

To be fair, given price volatility, trader behavior and market sentiment can’t be the same as it was a year ago. One survey Traders recently found that while crypto trading is still considered risky, 82.3% of respondents consider it more profitable than stocks.

Additionally, the survey results show that Bitcoin is still dominant, with around 2,508 people holding it over the past year. At the same time, more than 80% of all survey participants hold Bitcoin at some point in the year. On the other hand, ETH ranks second with 1,963 holders, which makes up two thirds of the total sample (last year it was 50%).

Coin ownership in the last 12 months | Source: Overbite

According to the survey, the three most important cryptocurrencies by market capitalization Bitcoin, ETH and BNB occupy the first three positions in traders’ inventories. DeFi assets like ENJ and UNI also have ownership of 14.3% and 9.4%, respectively.

8.4% of dealers owned DOGE last year. According to the report, the huge success and popularity of this meme coin in recent months has been due to “the attention of celebrities like Elon Musk”.

Surprisingly, the top coins by market cap like XRP and ADA didn’t make the list of traders featured in this survey. In contrast, others like ENJ (# 71 on CoinMarketCap) have overwhelming odds.

BTC market capitalization is falling, but popularity continues to rise

The above survey also shows that over 85% of traders believe Bitcoin is a safe haven. Although the value is rising and falling with booms and corrections, most traders remain optimistic about Bitcoin’s price movement for the rest of the year.

In last year’s survey, BTC’s popularity was similar. While Bitcoin’s market capitalization has dropped an astonishing 46.8% since mid-April, it is still up 256.8% from 2020.

BTC / USD | Source: TradingView

The report further emphasizes that around 30% of professional traders have predicted that Bitcoin price will hit current levels, while 34% are still waiting for a higher price. On the other hand, the survey results show that novice (39.7%) and regular users (43.7%) are the most optimistic traders about future prices, while experienced traders (in the market for more than 3 years) remain cautious an impending recession.

Bitcoin investor psychology | Source: Overbite

Will Ethereum be 2.0? element Game changer?

Ethereum with a market capitalization of 16.49% is waiting for a London upgrade. As Cointelegraph reported, the London hard fork has been active in the Ropsten test network since June 24th, followed by Goerli on June 30th and Rinkeby on July 7th. In light of this plan, the survey for traders is whether they think the introduction of ETH 2.0 will affect the price.

59.1% of respondents believe Ethereum 2.0 will drive the price up. In contrast, 27.3% answered no and 6.6% expressed uncertainty.

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