The majority of voters in a recent poll have indicated that they had entered the cryptocurrency space more than three years ago. In contrast, 9.4% said that they had come around in the past three months during the DeFi boom.
43% Crypto Veterans
Although the cryptocurrency community emerged relatively recently with Bitcoin’s creation in 2009, it’s a continuously growing field that attracts new participants with its unique features. A recent poll aimed to shed some light on when the voters had entered the space.
As the final results indicate, the majority (42.9%) answered that they have been in the industry for over three years. This could be somewhat expected, as this particular answer grasps the most substantial timeframe. Anyone who has entered the field from BTC’s launch in 2009 to the summer of 2017 falls in this category.
The second-largest timeframe – 1-3 years has taken 33.5% of all votes. The community members from this category have caught lots of volatile times. Those include the ICO boom and parabolic price increase that started approximately three years ago, the bear market that followed, and the subsequent market revival.
The 14.2% that picked the “less than a year” answer saw a massive surge in October last year following positive news from China. However, they also witnessed another vigorous price development, but this time in the opposite direction. The market plummeted by 50% in a few hours during the mid-March sell-offs.
What About 2020’s Hottest Trend?
Perhaps it’s safe to assume that a significant portion of the community members who have entered in the past year and especially the last six months have been attracted by the hottest trend in the field this year – decentralized finance (DeFi).
Although DeFi is not a 2020 creation, it exploded in popularity in the last several months, especially with the growth of yield farming.
Investors are pooling lots of cryptocurrencies into various protocols that pop up weekly and sometimes even daily. Such projects lure new participants by offering high rewards in return for staking their coins. As a result, the total value locked in DeFi protocols has surged from about $500 million in March 2020 to an all-time high registered in September of nearly $10 billion.
As such, it’s not that surprising that quite a few of the comments below the poll named as their biggest achievements understanding liquidity pools, yield farming, and cashing in profits from DeFi.
This particular craze resembles the situation during the mentioned above ICO boom in 2017. However, that trend burst rather violently, resulting in a lot of people losing funds. Consequently, new investors should be aware of the risks before allocating funds, despite the alluring high rewards.
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