Retail Investors Are More Bullish on Cardano’s ADA Than BTC, Survey Shows

Retail investors in the United States are now more bullish on Cardano’s ADA than they are on the flagship cryptocurrency Bitcoin (BTC), according to a recent survey by crypto broker Voyager Digital.

The firm’s Digital Asset Investor Sentiment Survey, first reported on by Decrypt, reveals that 31.9% of polled investors are the “most bullish” on Cardano, while 22.2% chose BTC over ADA. The results come after Cardano hit an all-time high near $1.5 last month, briefly becoming the fourth-largest cryptoasset by market capitalization.

Steve Ehrlich, CEO of Voyager Digital, was quoted saying:

Of course, everyone is talking about Bitcoin these days, but seeing Cardano coming ahead of it was a really big surprise for us.~

Ehrlich added that the sentiment “demonstrates the enthusiasm” the firm’s users have towards cryptoassets. Next to BTC, investors were “most bullish” on Ethereum (12.2%) and on Polkadot (6.3%). To the CEO, the results also show the cryptocurrency ecosystem’s diversity has grown, as investors have more assets to choose from.

The survey polled 1,385 investors in the United States, and found the majority expected the price of bitcoin to trade between $51,000 and $60,000 by the end of this month, with 80% of respondents planning to buy more BTC over the month.

60% of respondents are reportedly confident bitcoin and other digital assets represent the greatest store of value, above gold (8%), equities (6%), and top-tier government bonds (1%). The survey’s results regarding Cardano were somewhat expected, as the cryptocurrency’s over 500% price rise this year attracted retail investors’ attention, as an investor who bet its $1,200 stimulus check on ADA would now have over $40,000.

As reported, searches for cryptocurrency surpassed their 2017 high last month, and have kept on growing since. Google searches for a cryptocurrency are often used to measure retail investor interest.

This year, Ada’s price has risen from around $0.17 to $1.11 at press time, after enduring a correction from its new high near $1.5

ADA’s price rise may have also been aided by whales buying up the cryptocurrency. As CryptoGlobe reported, Dubai-based cryptocurrency investment fund FD7 Ventures has announced it’s selling $750 million worth of bitcoin to increase its positions in Cardano and Polkadot.

Last month Gene Simmons, the iconic bass player of the popular rock bank Kiss, has announced he has invested $300,000 into Cardano (ADA), shortly after announcing positions in other cryptocurrencies including BTC, ETH, and DOGE.

Featured image via Unsplash.

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