A recent survey conducted by Kraken highlights the growing sense of regret and emotional influence on crypto investors as the market hits new highs.
The Kraken Crypto FOMO Survey 2024 sheds light on how the fear of missing out (FOMO) and fear, uncertainty, and doubt (FUD) affect the decision-making of U.S. cryptocurrency holders.
The survey, which gathered responses from 1,248 participants, revealed that many investors feel they’ve already missed out on significant opportunities. In fact, 88% of respondents admitted they believe they missed out on major gains, a sentiment likely spurred by the recent bull market rally. Bitcoin, which reached the $100,000 mark for the first time on December 5, has surged 126% since January, fueling this sense of regret among holders.
Beyond Bitcoin, altcoins like XRP have also seen impressive growth, with XRP surpassing Solana and Tether to become the third-largest cryptocurrency by market cap. Despite feelings of missed opportunity, many respondents remain optimistic about future crypto gains. The survey found that 84% of investors are still hopeful about future opportunities in the market.
When asked about their greatest fears, 60% of those surveyed cited missing out on a sudden price surge as their top concern. At the same time, emotional decision-making seems to play a significant role in shaping these fears. A staggering 81% of participants admitted to making investment decisions based on FUD, and 84% admitted to acting impulsively due to FOMO during price spikes. This highlights how emotions are influencing crypto investment choices.
Furthermore, 63% of crypto holders acknowledged that emotional decisions have negatively impacted their portfolios. This serves as a reminder of the risks of relying too heavily on market sentiment. Kraken suggests that a more structured approach to investing, including technical analysis and strategic planning, could help mitigate these emotional pitfalls and lead to better long-term outcomes in the volatile crypto market.
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