One would expect overall investor sentiment regarding Bitcoin and altcoins to be rather pessimistic. Most people are all too aware that the current market trend is only temporary, though. As such, the results of the recent Huobi Industry Data Report paint an interesting picture. According to this information, overall sentiment remains rather optimistic.
Bullish Expectations Remain in Place
After three months of nothing but steady value declines, one would expect investors to have cooled off on Bitcoin for a while. Indeed, it seems as if that is one of the main reasons why the total cryptocurrency market cap has tanked so much. A lower trading volume usually means less interest from investors and speculators, but it seems the opposite is true in this case.
More specifically, the new Huobi Industry Data Report shows there is a lot of positive momentum among cryptocurrency investors. Over one in three respondents expect a substantial increase in the total cryptocurrency market cap during the month of April. Less than one in three expects a slump, whereas they feel a slight decrease is also a possibility. However, the individuals expecting a slight increase outweigh those who expect a decrease, with under 10% expecting things to remain the same.
The short-term growth of cryptocurrency is always subject to a lot of speculation and interpretation. While it is positive to see so many people expecting things to improve – or at least remain the same – it remains to be seen whether that vision will come true. With over 55% of participants expecting the total market cap to rise throughout April, it will be interesting to see if they will be proven wrong when everything is said and done.
Most expert cryptocurrency enthusiasts couldn’t care less about short-term changes, though. In this industry, it is paramount to keep the bigger picture in mind at all times. For Bitcoin and other cryptocurrencies, the overall bullish uptrend is still firmly in place, even though things may look pretty worrisome right now. Huobi’s report seems to echo that reality.
Over the next six months, most investors expect to see an increase of some sort. Indeed, nearly 78% of the survey’s respondents indicated their belief that the industry’s total market cap will increase. According to the report, most people expect major growth in the total market cap over the next three years. This seems to echo predictions made by some experts earlier this year, although reaching specific targets may prove rather challenging.
It is evident that the current market conditions warrant cautious optimism at best. There is still a fair amount of volatility to contend with, and it will take time until we see any major improvements in the overall market cap. Even so, when looking at the long-term outlook, there is no reason to think the bears will remain in control for much longer.