Summary
- A surge of crypto buyers is on the rise.
- Young adults are getting on board with cryptocurrencies.
- Paypal announced it will allow cryptocurrencies as a form of payment
- Bitcoin hit its lowest price in the last 6 months
- Transaction fees on Ethereum fell to 71.15% attracting new buyers.
Surge of new crypto buyers
A surge of new crypto buyers is on the rise. This is after an announcement by Paypal to add crypto as one of the payments methods. The company said that it would allow merchants to buy and sell cryptocurrencies. They would also allow bitcoins and other crypto coins as a form of payment.
New buyers in crypto have also risen due to the lowered transaction fees on Ethereum. Ethereum’s transactions fee fell to a staggering 71.15%. This has been the case in the last four months and most people are getting on board with investing.
The surge of crypto buyers also comes after Bitcoin hit its lowest price. The drop witnessed in the last 6 months was at $34000 from $45000.In as much as investors are worried, new buyers used the move to invest in crypto.
Read also: People Are Taking Advantage of the 0% Tax in Portugal for Crypto.
New investors have also seen crypto as a good investment and have put millions into the currency. The new move helped fuel new buyers to invest in crypto. Investors bought at least 1000 bitcoins at an estimated price of $23 million.
“The role of institutional investors is becoming ever clearer in the data. Demand is being driven by retail investors on flat exchanges with greater demand from institutional buyers.” read a statement by Gradwell.
In addition, more young adults are getting on board with the idea of cryptocurrencies. It is estimated that close to 15% of young American adults own some type of cryptocurrency. Trading in the currencies saw an increase in 2020 and still continues to rise.US has also topped the list as one of the countries with high adoption rates on cryptocurrencies. Close to 67% of those buying crypto in 2020 were Millenials.
