Bitcoin (BTC) might be struggling in the market from the growing competition from Altcoins but there is still hope that the coin will soon beat the $4,000 resistance hurdle. BTC has terribly missed the price support it anticipated in 2018 but the sparkle is in the horizon courtesy of Chinese demand.
Expectations were high last year that a push from institutional investors would make a digital asset market a better place to stake on, but that was a mirage. Investors have been eager to cash in on the institutional push due to Bitcoin adoption but their aspirations are still on hold.
In a recent survey, China comes out as the current leader in Bitcoin and to a larger extent; altcoin interest. Many Chinese are ready to invest in Bitcoin now and in the coming future. This could come at a time when the coin has been struggling for the better part of 2018.
According to the survey, a total of 4,200 respondents, 40% of the respondents showed their willingness to invest in the coin in the coming future. Half the total of respondents said they are crypto aware and have heard the industry terminologies in the past.
China has dominated digital asset mining and has become an important link in the growth of the market. Bitmain Technologies, a digital coin mining outfit is based in Beijing, has at some point been mining over half of the total global Bitcoins.
The timely survey comes at a time when the entire market is at a crossroads. Last year alone has seen some coins shed in the excess of 80%. Ad investors look into the institutional investor direction, the Chinese factor can bring the market back on its feet.
The drop in BTC value has seen many investors seek exit ways to the fiat economy. The tough regulations have also played a major role in shrinking the market options. Once there are signs of fresh adoptions, the investor confidence will creep back.
With the New Year already revitalizing the crypto verse, there is hope that Bitcoin Futures interest will trickle down from stock exchanges of repute to add o to the anticipated Chinese demand. With the Bakkt crypto rolling out, a fresh bull run is also expected in Q2.
In a similar poll in November last year, YouGov conducted a survey in the UK; most residents felt that Bitcoin will be as common as cash or plastic cards in the not so far future. In the US, Coinbase conducted a survey on students that showed that more people are likely to own digital asset now than two years ago.
Bitcoin value might be on the downtrend but the New Year is poised to usher in better prospects and growth in Bitcoin adoption is likely to trickle down to other Altcoins in the market. The beauty of it all is that more virgin markets are getting sensitized with blockchain use cases and this is where the market potential lies.
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