Cryptocurrency markets have reported substantial “panic selling” during the first quarter due to pressure from reports indicating a complete ban on crypto and bearish responses from institutional investors. Social media platforms added to the volatility by imposing bans and increasing regulations. Despite this recent chaos, analysts are predicting that the bearish trend for cryptocurrencies is largely over.
Both Bitcoin (available on Coinbase) (BTC) and ALTCoins posted substantial gains today. The majority of coins have increased to a double-digit rate, amid increasing confidence in crypto markets. EOS (EOS), NEO (NEO), and Cardano (ADA) are among prominent gainers today.
The Latest Data Indicates Bullish Trend for Cryptocurrency Markets
A survey from Beijing-based cryptocurrency exchange, Huobi, shows 78 percent of respondents are of the opinion that the value of virtual currencies will increase in the coming years. The poll also shows that 88 percent of investors are confident about regulators’ role in cryptocurrency markets.
“Regulators are not banning the development of cryptocurrencies, but are trying to better regulate the market, which should help the industry mature,” says Adrian Lai, founding partner at Orichal Partners.
The number of cryptocurrency investors increased to 3.5 million in Japan according to a Financial Services Agency (FSA) report, representing 2.8 percent of the total Japanese population. The agency believes that the number of investors could be much higher than 3.5 million since it only used data from 17 of the 32 exchanges.
The reports from FSA also highlighted the robust increase of 5000 times in total trading volume during FY2017 from the past three years. Japan is among those countries that have already legalized cryptocurrency markets, and they have introduced laws for crypto exchanges and ICO’s.
The cryptocurrency mining industry has also been expanding at sharp pace. Based on Coherent Market Insights report, the crypto mining could have the potential increase at 29% compound annual rate in the next three years.
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