Cryptocurrency Market Update: Only 5% of people use cryptocurrencies on a regular basis - research

• The vast majority of people are away of cryptocurrencies, but they don't use them.
• BTC/USD is in retreat after an unsuccessful attempt to move above $7,150.

According to the research, performed by The Economist, only 7% of the respondents said that they know nothing about cryptocurrencies; however, only 5% use them constantly. Notably, 33% of the surveyed don't use and don't plan to use them in the foreseeable future. Commenting on the results, Antony Lewis, author of The Basics of Bitcoins and Blockchains, said: 

Digital currencies are preferred over physical cash by some population groups. You need some fundamental skills and competencies to deal with digital currencies, and not everyone has these.

Notably, the cryptocurrency awareness in developed economies tends to be lower (79%) against 92% in the developing world. This result supports the view that the citizens of countries with a poor economy and low access to banking services are more inclined to use digital assets.

Top-3 coins overview

BTC/USD is changing hands marginally above $7,000 as the bearish sentiments are gaining traction. The first digital coin has stayed mostly unchanged in the recent 24 hours as the upside momentum faded away on approach to the critical resistance $7,150; however, once it is cleared, the bulls will drive the price towards $7,500. A failure to stay above $7,000 may increase short-term bearish pressure and push BTC towards critical  $6,500.

ETH/USD slid below $180.00 amid the sell-off on the cryptocurrency market. The coin is moving within a short-term bearish trend amid expanding volatility; A sustainable move above daily SMA50 at $182.40 is needed for the upside t gain traction. Otherwise, the coin is likely to stay range-bound with a bearish bias.

XRP/USD has returned to the range $0.1800-$0.1900 moving within the short-term bearish trend in sync with the market. From the long-term perspective, psychological $0.2000 serves as a critical resistance, while the support is seen at $0.1700 (23.6% Fibo retracement).

 

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