A new report from cryptocurrency analytics firm CryptoVantage reveals that most Americans who have bought crypto over the past five years are confident that Bitcoin will reach new heights, and Ethereum has the best chance of surpassing BTC.
According to the results of a survey of 1,000 Americans who have invested in crypto, 70% of respondents believe that Bitcoin will rise above its all-time high of $60,000 in the next five years, while 23% expect it to happen within the next year.
Only 9% think Bitcoin will never reach this level again.
The report also explores altcoins that will challenge Bitcoin's dominance.
Ethereum, the second-largest cryptocurrency by market capitalization, emerged as the clear favourite, with 46% of respondents saying it had the best chance of surpassing Bitcoin. Dogecoin, which gained popularity thanks to celebrities such as Elon Musk and inspired by memes, took the second place with 21%. However, 16% of respondents said that no altcoin could surpass Bitcoin.
The report also examines the factors influencing the price of crypto and how they affect public sentiment. The top three factors were supply and demand (67%), inflation and economic growth (58%), and volatility and market crashes (43%).
Interestingly, recent events such as the SEC suing Binance and Coinbase, the collapse of FTX, and the lack of mainstream adoption, with only 20%, 18% and 18% respectively saying it will have a negative impact on the future value of crypto does not seem to deter most participants.
*Not investment advice.