Cryptocurrency Investors Remain Optimistic Despite Market Downturn

The cryptocurrency market has lost over $849 billion in the past month but this has not threatened some of the investors. About 81% of the cryptocurrency investors have remained more sanguine despite this dramatic market downtrend.

Nearly 90% of the investors are also optimistic that the US SEC will approve the Bitcoin ETFs. Cryptocurrency exchange-traded funds (ETFs) could offer the ideal entry point for whale venture capitalists who plan to get into the digital currency market but haven't been in a position to do it for a wide range of reasons.

Venture capitalists to multiply their BTC holdings hoping for bullish harvests

Since the start of the Covid-19 pandemic, there has been substantial growth in the entire crypto asset market from $195.406 billion (just before the Coronavirus plague) to a record high of $2.558 trillion (May 12, 2021), indicating an increase of over 1211% but later dropped to currently $1.685 trillion.

According to the new findings from Voyager Digital’s Q2 2021 Investor Sentiment Survey, it has been found out that 8 in 10 digital currency venture capitalists are more sanguine of the future of the industry than ever before regardless of the recent sell-off in BTC and the entire virtual asset markets at large. About 87% of the crypto venture capitalists want to multiply their digital currency holdings in the Q3 of this year.

BTC price to trade above $71k

Most of these venture capitalists believe that the price of BTC will hit and surpass the $71k price level before the end of Q3 of 2021. The biggest group of venture capitalists believe BTC will oscillate between $56k to $70k.

To cryptoasset investors, this price is achievable considering the previous high of BTC of about $64,863 (April 14, 2021). This means that the largest token by market cap needs to gain by just about 6k to attain this cap. However, going by the current price of BTC/USD (of $40,717, 24h gain of +13.26%, MC of $762.6B and volume of $48.6B), the cryptocurrency needs to gain by about $30k to touch this estimated level.

However, of the cryptocurrencies, venture capitalists are most bullish on investing in Cardano above any other popular tokens in the market: Cardano 55%, followed by Dogecoin 11%, Chainlink 6%, and then Polkadot 6%.