Bitcoin Market Sees Flood Of New Investors Despite Bear Grip

It’s fair to say that the cryptocurrency market has experienced a rough few weeks. Over the past month, the price of Bitcoin has dropped significantly currently leaving the price under $3,500 and the rest of the market has gone along with it. Although despite all of this (and more), investors and traders seem to be loyal to the market even though it has been less than kind during this year.

This year, Bitcoin has been battered by the 2018 crypto markets. Especially when you compare it to last years Bitcoin bull run when the leading cryptocurrency rose to highs of $20,000. During this time, enthusiasts and investors were everywhere as if they’d been given an early Christmas present but apparently the Bitcoin bull run was just for Christmas and not for life.

However, the love for crypto is still there despite the falls in price. A new report published by the Cambridge Centre for Alternative Finance indicates that the number of fresh faces flooding into the crypto space has almost doubled from the numbers they listed for last year the authors of the report state:

“Conforming with popular narratives, survey data indicates that most users – both established as well as new entrants – are individuals and not business clients. Individuals can by hobbyists, retail investors, consumers or users seeking a better investment or payment alternative… Growth rates were at their highest in 2017, and the number of new users’ accounts, as well as ID-verified users, continued to rapidly grow in 2018 as well.”

One question that is on everyone’s minds is whether Bitcoin will return to its high prices. If users continue to flood into the market for Bitcoin, even during the current state of things, this could mean that a recovery could occur sometime next year. It’s some good news in a time of crisis but all that being said, some experts believe that the leading cryptocurrency could fall even further.

As reported by Live Bitcoin News, “the study confirms that bitcoin is still largely being used for investing purposes rather than for commerce or making purchases. Volatility remains extremely high, which has prevented bitcoin from being used as a potential “money replacement” more often.”

What are your thoughts? Let us know what you think down below in the comments!