According to a recent survey by Bitwise the number of financial advisors favoring cryptocurrencies has surged following the historical victory of Donald Trump in the recent presidential elections in the United States.
Bitwise conducted a survey between November 14 to December 20, in which they surveyed 430 advisors of which 56 percent plan to invest in cryptocurrencies this year. It is widely argued that the mainstream crypto market is expected to grow at a pace never before.
The survey primarily identified Trump’s victory as the cause of the sudden change in the sentiments of experts and advisors.
Once already holding crypto planning to boost their holdings!
It is crucial to note that around 99 percent of advisors already involved in cryptocurrencies have extended their plan to further maintain holdings and boost the stash.
More than a dozen advisors have reported a surge in the interest in cryptocurrencies among clients and common investors.
“Advisors are awakening to crypto’s potential like never before and allocating like never before,” Matt Hougan the Chief Investment Officer of Bitwise said.
Nearly 71 percent of clients of investors are opting for individual investment in cryptocurrencies, the growing awareness about crypto is helping the digital asset industry grow at a greater pace.
Is Bitcoin primarily backing the surge in crypto adoption?
According to finance experts, Bitcoin has played a crucial role behind the sudden spike in the development of the wider cryptocurrency market, it is the only crypto that has succeeded in trading above $100k making it a real hero in a decentralized market.
In its initial days, Bitcoin was criticized and termed as a bubble that might burst at any time, but with the passing of time, BTC continued to prove its relevance and importance in the digital asset market.
Demand is rising as a result of significant financial institutions and businesses finally taking Bitcoin seriously and making significant investments in cryptocurrency.
Both individual and institutional investors now have easier access to cryptocurrency investments because of governments and regulatory agencies’ increasingly transparent requirements.
The creation of increasingly complex trading platforms and advancements in blockchain technology have also simplified the process of purchasing, selling, and storing cryptocurrencies.
The spike in the price of Bitcoin has boosted the cryptocurrency sector as a whole and inspired more individuals to learn more about digital assets.
It is anticipated that more companies, organizations, and individuals will join the market as cryptocurrencies continue to gain traction. Unquestionably, the rise of Bitcoin has contributed significantly to this expansion, and its effects will probably last for a very long time.
Crypto market price updates
When writing, the cryptocurrency market capitalization was $3.31 trillion with an addition of 1.69 percent, at the same time Bitcoin was trading at $94,541 adding 1.88 percent intraday.
In the past 24 hours, KAIA grew 11.15 percent now trading at $0.2208, followed by SUI trading at $5.13 with a growth of 10.97 percent, Fantom, FET, Render, and Gala.
