Kraken’s research arm, Kraken Intelligence, asked 400 people and institutions from all over the world the most preferred altcoins and reasons for preference.
Kraken Intelligence, the research arm of the cryptocurrency exchange Kraken, explored the expectations of cryptocurrencies in 2020 in the study , which was attended by 400 people and institutions from all over the world .
Participants of the study included individual traders, institutions, investors, payment companies, cryptocurrency exchanges and miners. The assets under the management of 84.1 percent of them were less than $ 10 million, while 2.6 percent were over $ 100 million, 2.6 percent were over $ 50 million and 10.6 percent were over $ 10 million.
Participants were also asked about price targets for Bitcoin and Ether. The average 2020 price target for Bitcoin was $ 22,800, and Ether was $ 810. The research was conducted in January, when Bitcoin was trading at $ 9000 and Ether at $ 170.
The most preferred altcoins
The participants were also asked about five alternative cryptocurrencies that they preferred the most. According to the responses to the survey, the 5 favorite subcoins of the participants were Ether (ETH), Monero (XMR), XRP (XRP), Litecoin (LTC) and Tezos (XTZ) .
“What are your favorite altcoins?” To the question, 117 participants Ether, 57 participants Monero, 57 participants XRP, 51 participants Litecoin and 49 participants answered Tezos.
The reasons why these altcoins were preferred were as follows:
Ether – alternative to Bitcoin, ETH 2.0, liquidity, Solidty, corporate adoption, market value, speed, scalability, dominant smart contract player, ecosystem, DeFi support, smart contract support, transaction volume and volatility, development, lending…
Monero – ASIC resilience, anonymity, community, liquidity, privacy-oriented, decentralization, transaction cost and speed, competence of the developer team…
XRP – High beta against Bitcoin, institutional adoption and…