MarketWatch: "‘Crowd psychology’ drives bitcoin’s price, survey finds"

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MarketWatch: "‘Crowd psychology’ drives bitcoin’s price, survey finds"

Excerpt from MarketWatch’s latest article on DataTrek’s latest crypto survey:

….”According to a recent survey, more than half (52%) of the respondents said they believe crowd psychology is the main driver of the price of the No. 1 digital currency.

“To our thinking, this was the single most surprising response of the whole survey,” wrote Nicholas Colas, co-founder of DataTrek Research. “Finance professionals make their livings by analyzing asset values through the lens of fundamental/quantifiable factors. That more than half of respondents believe valuation in the crypto space is “purely a function of crowd psychology” is refreshing in its honesty.”

Just 15% said the price of bitcoin was a function of growing usage.”….

Read the whole article here on MarketWatch!