The past year was challenging for cryptocurrencies with the prolonged bear market and the collapse of firms but the investors have put their confidence in the assets.
As per a recent survey by a digital asset firm, around 60% of investors believe that Ethereum has a more compelling growth outlook. Contrary to the 60% of investors who are positive about Ethereum, only 30% of the respondents voted that Bitcoin had the most compelling outlook.
The survey included 43 investors who managed a total of $390 billion worth of assets. Among the participants, those who identified as wealth managers and family offices accounted for half of the group and about 25% respectively. Another 22% and 17% identified themselves as hedge fund and institutional investors respectively.
While comparing the figures from this year to that of 2022, it can be noted that a bulk of investors shifted to Ethereum from Bitcoin.
Below is a chart representing the interest of the investors. The blue columns on the chart represent the latest result while the red marks show the results from the survey conducted last year.
In the survey conducted last year, only 40% of the respondents opined that Ethereum had more compelling growth potential while 40% chose Bitcoin. In a year, investors voting for Ethereum increased to 60% whereas the ones who voted for Bitcoin fell to 30%.
However, despite the percentage falling for Bitcoin, there has been an increase in the adoption rate of Bitcoin in the past year. Todayq News reported that addresses accumulating 0.1 Bitcoin (around $1000) increased to 4.20 million as of December 31 from the 3.40 million recorded on January 1 last year. Similarly, wallets holding 1 Ethereum (minimal value of $1000) rose from 1.41 million to 1.73 million over the same time.
Also, in the context of the survey, last year 24% of the participants owned Bitcoin whereas this year the number surged and around 30% owned the asset.
The latest figures also indicate that digital assets accounted for 1.1% of portfolios which marks a significant rise from the 0.7% recorded last year. Notably, hedge funds have significantly increased their investments in digital assets whereas institutional investors have reduced their digital assets to below 1%.
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