As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed numerous bull and bear cycles, and the current crypto market is no exception. The Kraken survey’s findings resonate with me, as they echo the sentiments I’ve encountered from countless investors throughout my career – the fear of missing out (FOMO) and the regret of not acting sooner.
In light of fresh record-breaking heights in the cryptocurrency market, numerous investors express regret over potential missed opportunities for substantial growth in digital assets, as indicated by a recent poll conducted by Kraken.
December 4th saw the release of Kraken’s Kraken Crypto FOMO Survey 2024 findings. This survey aimed to explore the sentiment of ‘fear of missing out’ (FOMO) and fear, uncertainty, and doubt (FUD) among U.S. crypto investors.
The survey polled 1,248 participants, exploring how emotions shape their investment decisions.
Crypto holders feel they missed out
As a researcher, I’ve found that an overwhelming majority (88%) of the surveyed individuals express the sentiment that they may have missed significant opportunities for growth or benefits, potentially referring to potential financial, educational, or personal advancements.
It seems that the positive attitudes in the survey might be influenced by the recent surge of Bitcoin (BTC), which hit a new high of $100,000 on December 5th. Since the beginning of January, Bitcoin has experienced a significant increase of around 126%, reaching this important milestone.
Besides Bitcoin, many other digital currencies, including XRP, also saw similar trends. Notably, XRP moved ahead of Solana and Tether to take the third spot among cryptocurrencies ranked by market capitalization.
Despite a few survey participants expressing feelings of missing out, many of the respondents remain optimistic about the possible benefits from their cryptocurrency investments. The survey findings indicate that approximately 84% of them are eagerly anticipating future chances in the crypto investment market.
Approximately 60% expressed their biggest worries as missing out on potential profit due to an unexpected price spike.
63% believe emotions negatively affect portfolio
Approximately 81% of survey respondents admitted that fear, uncertainty, and doubt (FUD) influenced their investment choices, whereas a similar proportion, about 84%, acknowledged acting impulsively due to the fear of missing out (FOMO) during market price increases.
The survey revealed that about two out of three investors admitted that emotional decisions had a substantial and detrimental impact on their digital asset holdings. In other words, this finding suggests that making investment decisions based on market emotions can have tangible, adverse effects in the real world, as indicated by Kraken.
While market sentiment helps decision-making, Kraken recommended using a more “methodical approach,” relying on technical analysis and planned crypto trading strategies.
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2024-12-05 15:22