Cryptocurrency exchange Kraken which has been seeing heightened activity and is on a hiring spree in the aftermath of the crypto carnage revealed in its latest report that its VIP client base believes we are still in a bull market.
The 2020 Sentiment Survey shares that 44% of the respondents believe that we’re in a bull market compared to the 22% who think we are in a bear market.
On the cryptocurrency adoption aspect, Kraken’s survey respondents that involve investors and traders believe it will be accelerated by the adoption from central banks, institutions, corporations, retail users, and various generations.
Bitcoin reward halving, conflict such as war and political; FOMO; crisis of currency, financial, and debt; and ongoing product development could also play a part in crypto adoption.
According to this survey, the exchange’s VIP traders and investors expect bitcoin to hit a new all-time high in 2020. The average price target for this year is $22,866, while the most common target has been $20,000. Currently, BTC/USD is trading around $6,440.
Besides price, these participants are also hopeful of a Bitcoin ETF approval by the US Securities and Exchange Commission’s (SEC). 48% believe a Bitcoin ETF will be approved in 2020.
Now, coming onto altcoins, the majority at 54% thinks alt-season will occur this year.
Among the top choices of altcoins Ether (ETH) is at the top with respondents seeing it climbing to $810 this year. The median price target of Ether was $500 whereas the most cited one was $300.
As for stablecoins, a whopping 44% of Kraken’s respondents don’t use any fiat-pegged cryptos. Those who use them prefer Tether as their top choice with 33.6% votes because of its exchange support, ease of use, stability, and supported pairs.
USD Coin is the second most used stablecoin for being stable, trusted, and regulated while DAI follows USDC for being Ethereum-based, decentralized, and its Dai Savings Rate (DSR).