- CoinGecko surveyed over 2,500 participants, among them traders, investors, and builders, between June and early July.
- Investors had the highest hopes for a renewed crypto market bull run.
- At least 20% of participants believe a supercycle might start soon.
A new survey from CoinGecko reveals that most crypto market participants remain bullish in the long run.
The CoinGecko survey asked over 2,500 participants where they think the currency crypto cycle is in. A majority, 81.6%, believe the crypto bull run is not over, while 52.3% of participants believe it is in its early stages.
The survey gathered investors, traders, builders, and spectators and noted that beginners and more experienced users shared similar views of the current market cycle.
Interestingly, investors were the most optimistic out of the brunch, with 55.5% believing the crypto bull run is starting and 28.8% estimated it to be in the middle. In total, 84.3% of investors believe the bull run is either starting or is situated in the early stages.
The report highlights that traders and crypto builders are more cautious; 78.6% of traders and 74.9% of builders estimated that the bull run is not over.
Related: CryptoQuant Says Market At Crucial Pivotal Point, Recovery Confirmed?
The Supercycle
CoinGecko divided participants by cycles. Those with 0 – 3 years are referred to as first cyclers, those with 4 – 7 years as second cyclers, and so on.
While the second cyclers were the most optimistic, with 66.7% claiming the market has not peaked this cycle, only 18.3% believed in the crypto supercycle theory.
A supercycle refers to an extended period when a specific asset or sector experiences outsized growth. Unlike short-term bubbles fueled by speculation and fading greed, supercycles are driven by solid fundamentals that have underpinned the asset or sector over the years.
In the case of Bitcoin, the Supercycle concept was used somewhere around 2020 to refer to the cryptocurrency’s massive growth and expansion through time. This notion reflects BTC’s four-year halving cycle, which reduces BTC’s supply and cuts miners’ rewards considerably, leading to potential demand for a scarcer asset.
Related: Bitcoin and Crypto Market Set for Surge as Lower-than-Expected US CPI Sparks Equities Rally
The number of Bitcoin active addresses is also used to support the supercycle theory.
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