Can Crypto Appreciate? Exclusive Data Shows Adoption Rates Have Room To Run

The cryptocurrency sector saw a huge spike in interest in 2021 as the valuations of Bitcoin BTC/USD, Ethereum ETH/USD, Dogecoin DOGE/USD and others hit all-time highs in their coin prices.

The crypto bull market of 2021 brought many newcomers to the space, with cryptocurrency exchanges and investment platforms adding the number of coin offerings and launching promotions tied to gaining new users.

Here’s a look at what happened since.

What Happened: After the strong 2021 that brought more awareness and interest to the cryptocurrency market, 2022 has been a potential setback for the sector. The collapse of Celsius and bankruptcy of FTX are among the biggest stories for the overall financial sector.

High volatility and uncertainties over top cryptocurrency platforms have led some to exit the cryptocurrency sector and have led to potential roadblocks to onboard newcomers to the space.

Benzinga recently polled 1,000 Americans to get a better sense of how things have shaken out since the fallout of FTX.

Related Link: Best FTX Alternatives: How To Keep Your Crypto Safe 

The Benzinga Poll Results: Benzinga conducted a poll to find out where sentiment currently stands with Americans after the bankruptcy of FTX and with the prices of Bitcoin and Ethereum each down over 60% year-to-date in 2022.

The question asked was, “Do you currently own any cryptocurrencies?”

Of those polled, 26.9% answered yes to owning cryptocurrencies at the given moment. The remaining 73.1% said they do not own any cryptocurrency.

These numbers may have dramatically shifted due to the events surrounding the FTX meltdown.

Back in June, Benzinga reported that nearly 40% of Millennials in America said they owned a cryptocurrency. Back in March, around 20% of investors said they had invested in cryptocurrencies at some point.

The results of the poll could show that investors have gotten out of the cryptocurrency sector or that many are still holding despite the question marks moving forward.

Read Next: EXCLUSIVE: These Americans Think The FTX Scandal Puts Crypto In A Better Light