Huobi Research has released its Global Blockchain Industry Overview and Prospects report for the first half of 2018, outlining investor sentiment, price trends, and technology changes.
It noted that a paradigm shift from peer-to-peer cash to smart contracts is taking place, with the price of cryptocurrencies increasingly influenced by changes in ERC20 tokens and other currencies which use mechanisms like decentralised proof of stake (DPoS).
According to the report, the declining market was somewhat bolstered by the opening of super-node election campaigns from projects using DPoS consensus.
Cryptocurrency investors are also bullish on the future of cryptocurrencies, with 71.4% of those surveyed believing the market cap would increase by more than 30% in the second half of 2018.
Following a massive growth in value in 2017, the cryptocurrency market saw a 70% decline in 2018.
The number of active Bitcoin addresses has also seen marked decline this year.
The global cryptocurrency sentiment survey found that both individual and institutional investors expect continued growth in the overall cryptocurrency market this year.
Their expectations for the next six months are:
- Substantially increase (> 30%) – 71.4%
- Slightly increase (10-30%) – 18.6%
- Remain the same (10%) – 4.3%
- Slightly decrease (-10% to -30%) – 2.2%
- Substantially decrease (> -30%) – 3.6%