Trading in cryptocurrencies is always a tricky affair considering the volatility presented by digital currencies. In South Africa, the cryptocurrency trading landscape did not fall short of gains and losses. Cryptocurrency investors lost and gained by trading in cryptocurrency. According to a survey carried out by South Africa’s trusted technology news website, MyBroadband, losses and gains have been exchanging lanes when it came to cryptocurrency trading. But how much did the South African cryptocurrency investors Lose or gain?
In the survey, Bitcoin was recorded as the go-to virtual coin when looking for a guaranteed return on investment (ROI). Unfortunately, its promising ROI also led to massive losses being experienced by investors.
The survey had 1244 respondents out of whom 78 percent have had firsthand experience with cryptocurrencies, either currently or in the recent past. The survey which ran up to April this year aimed at recording the experience in the general cryptocurrency field which has had a sharp high followed by a resounding drop in the prices of virtual currencies. By April, the crypto market started looking bright after months of low prices.
Out of the 970 respondents who have had contact with cryptocurrency, 57 percent recorded profits which reached a high of R50, 000 (approximately, $3,969). The losses recorded did not exceed R50, 000. Bitcoin took the first position in both profit and loss sides.
On gains made, Ethereum took a not so significant second place at 17 %, ripple at 6%, Litecoin, NEO, & Cardano, at 2%, Monero, EOS, IOTA, & Stellar at 1%. Cardano, Monero, and NEO were also recorded as the coins from which traders made the lowest losses.
The survey by MyBroadband also noted that Bitcoin is still the preferred digital coin when looking for profits in cryptocurrency investment.
Do you think what the S.A cryptocurrency investors lost and gained by trading in cryptocurrency could have been prevented or enhanced? If yes, How?
Let us know your thoughts in the comments section below.