Weekly South Korea Crypto Market Outlook : The third week of May 2024

Cratostoken

4 min readMay 17, 2024

Cratos and CoinNess conduct regular weekly surveys.

Regular surveys are conducted every week within the Cratos app, and the number of survey participants is 2,000.

This particular survey was conducted from May 13th to May 17th.

According to the regular survey on weekly trends of Korean cryptocurrency investors jointly conducted by CoinNesss and Cratos, 36.7% of respondents (compared to 33.6% last week) forecasted that Bitcoin would rise or rise sharply next week. The percentage of respondents expecting a flat movement was 42.6% (compared to 40.9% last week), while the percentage of respondents anticipating a fall or sharp drop was 20.7% (compared to 25.5% last week).

For Ethereum, it showed a similar trend to Bitcoin. 40.3% of respondents (compared to 36.9% last week) forecasted that Ethereum would rise or rise sharply next week. Those expecting flat movement accounted for 40.3% (compared to 40.9% last week), while those anticipating a fall or sharp drop remained at 19.4% (compared to 22.2% last week).

When asked about market sentiment, 28.3%, responded with optimism or extreme optimism. The proportion of those responding neutrally was recorded at 53.7%. The percentage of people experiencing fear or extreme fear in the current cryptocurrency market is 18.0%.

In response to questions about coins they recently sold or plan to sell, 21.9% of respondents answered Ethereum, followed by 17.7% for Bitcoin.
Additionally, 12.9% mentioned Ripple, 6.3% Dogecoin, 2.6% Solana, 1.8% TRON, 1.6% Polygon, 1.6% Shiba Inu, and 1.3% MiL.k.
Furthermore, a total of 32.3% provided various other opinions. These included cryptocurrencies such as AhaToken, Ethereum Classic, Worldcoin, Klaytn, Paycoin, Cardano, BitTorrent, The Sandbox, Pepe, and others. 7.6% of respondents stated they had no intention to sell.

In response to questions about coins they recently bought or plan to buy, 22.1% of respondents answered Ethereum, followed by 21.9% for Bitcoin.
Additionally, 12.4% mentioned Ripple, 5.7% Dogecoin, 2.0% Solana, 1.9% Shiba Inu, 1.5% MiL.k, 1.4% Polygon, and 1.3% Ethereum Classic.
Furthermore, a total of 29.8% provided various other opinions. These included cryptocurrencies such as TRON, Worldcoin, BitTorrent, Klaytn, AhaToken, Cardano, Core, Pepe, Stacks, and others. 6.6% of respondents stated they had no intention to buy.

As a response to a survey asking about the main reason why BTC is not showing a significant upward trend after the halving, 26.6% answered ‘The BTC/ETH spot ETFs in HK did not attract much market attention’. Those who answered ‘The scale of capital inflow is not significant’ were 34.0%. 30.5% of respondents answered ‘The expectations for the Federal Reserve to lower interest rates are minimal’. 8.9% of respondents answered ‘It is already at a high point’.

Weekly South Korea Crypto Market Outlook : The third week of May 2024

Written by Cratostoken

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