Is bitcoin now the world’s most hated cryptocurrency? According to a new survey, while it may not be number one yet, the asset is heading up there.
People Don’t Love Bitcoin as Much
The price of bitcoin has endured numerous punches over the last 12 months. The world’s number one digital currency by market cap rose to a new all-time high of about $68,000 per unit in November of 2021, and it felt like the asset was on top of the financial ladder for good. Nothing could have prepared people for the disastrous losses and troubles the crypto space would see over the next year.
After reaching such a high, the asset began to sink into oblivion. It eventually lost more than 70 percent of its value and ended 2022 in the mid-$16,000 range, thus putting all investors to shame. Many other forms of crypto followed in bitcoin’s footsteps and were hit hard by bearish sentiment as well. Overall, the crypto space lost more than $2 trillion in valuation all within the space of 11 months or less.
This has all contributed to a real downshift in bitcoin’s popularity according to a new survey conducted by crypto education website Coin Kickoff. The results of the survey show BTC as being the least popular crypto in approximately 16 separate countries, some of which were Qatar, Canada, and Finland.
The good news is that bitcoin has been on something of a rebound as of late, and Ian Wright – the crypto expert behind Coin Kickoff – thinks the sentiment surrounding bitcoin could become greater in the coming months should the currency continue its present bull run. He explained in an interview:
While it’s still 67 percent down on its all-time high, investors are confident the current economic climate in the U.S., and bitcoin’s standing as the pre-eminent crypto coin will yield further gains as the year progresses.
The survey also said that the most loved digital currencies were Ethereum and Solana, and that these coins have really garnered newfound attention in nations like Singapore, Uzbekistan, and Russia. More than 835,000 Twitter posts were analyzed by artificial intelligence algorithm Hugging Face to reach the present results.
FX Pro senior market analyst Alex Kuptsikevich is taking a more conservative approach to the present bitcoin bull run. He mentioned in a statement:
Despite the positive performance of the U.S. stock indices, bitcoin continued its unsuccessful attempts to consolidate above $23,000 on Wednesday. The crypto market has, at least, paused after rallying since the beginning of the year.
Could Things Improve Soon?
Wright added:
Like bitcoin, its value is rallying as a result of economic conditions. It’s still highly regarded within the U.S. crypto community because of its long-term potential and the blockchain base for many of the industry’s most exciting prospects.
Source: https://www.livebitcoinnews.com/survey-suggests-the-popularity-of-bitcoin-has-crashed/