- The digital assets have been recovering on Wednesday.
- The recent research reflects the growing confidence in digital assets.
The cryptocurrency market is on the rise on Wednesday. While Bitcoin is still sidelined under $8,000, both Ripple and Ethereum performed a major breakthrough and hit new April highs. The total capitalization of all digital assets in circulation settled at $227 billion, from $221 billion this time on Tuesday, April 28, while an average daily trading volume reached $133 billion.
Europeans believe that digital currencies are here to stay
The European subsidiary of one world’s largest bitcoin exchange, bitFlyer, published its annual Crypto-Confidence Index based on 10,000 respondents across 10 countries in Europe. Over 60% of respondents polled by bitFlyer Europe in March believe that cryptocurrencies will still exist in ten years’ time.
This year’s survey was conducted during the continuing height of the 2020 COVID-19 pandemic outbreak – a time during which the value of assets both traditional and novel has been unstable. Despite this, confidence in cryptocurrencies across Europe has increased 3% versus the 2019 results, and in nine out of the ten countries polled.
Italians appear to be the most confident that the digital currencies will survive the next ten years (72%), while the UK citizens are less sure as only 56% of the respondents answered positively. However, a quarter of the respondents are not sure as to how cryptocurrencies might be utilised in the future.
Andy Bryant, COO at bitFlyer Europe, commented:
It is interesting to see that countries like Italy which have been hit hard by the COVID-19 crisis are expressing more faith than ever in cryptocurrencies. As people face economic hardship, we can expect populations to seek alternatives to traditional financial systems. This is an important time for the crypto industry to demonstrate how cryptocurrencies and associated concepts such as decentralised finance can provide attractive alternatives or even substitutes for incumbent economic models, as we battle unprecedented financial times globally and look for novel solutions.
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