Without a doubt, the 2018 crypto market performance was all bearish and culminated in a drop from somewhere around $20,000 per Bitcoin to $3200 in mid-December. Some attributed the price correction to the Bitcoin Cash hardfork in November while others had different reasons for the decline.
The big question, though, would be whether people still bullishly buy cryptocurrency during a bear market.
The answers are not far-fetched. According to a report by South Korean news agency Arirang Daily, most citizens invested heavily in cryptocurrencies despite the prolonged bear market in the past year.
Citing data from a 2018 survey conducted by the Korea Financial Investors Protection Foundation, Arirang noted that out of 2500 adults, 7.4% of every 2500 adults, that is 185 persons invested in cryptocurrencies.
Further statistics showed that 7.4% represented a 1% increase from 2017 figures. Also, the average investment per person increased by 64% hitting $6097 while the most significant investors were people in their 50s who have snapped up an investment of $11,000 each, followed by those in their 30s and 40s.
The only let off from the survey would be that non-invested respondents are not likely to change their mind for two reasons. First, the high volatility of the assets and then the possibility of losing their investments to hackers, as shown by the hack of local exchange, Zaif last year.
But that doesn’t hide the fact that many South Koreans (adults) already trust the crypto market enough to invest right in the middle of a bear market. The recent crypto market bullish reversal will likely have brought them some profit which is a rich reward for staying strong when most retail investors were leaving.
As charts have proven time and again, though, no one knows the direction of next wave of price action. However, there is a certainty that South Korean crypto holders will likely not exit the markets if they had pulled through the toughest moments.