The post The 2024 bull market convinced more nocoiners to consider crypto appeared on BitcoinEthereumNews.com.

New crypto buyers find bull markets more persuasive. After a hiatus in 2022, nocoiners showed interest in acquiring crypto at a much higher rate during the 2024 bull market.  Polls by the Federal Reserve Bank Philadelphia show bull markets are the most persuasive factor when it comes to new crypto owners. In April 2024, interest from nocoiners more than doubled compared to the bear market of 2022.  The Consumer Finance Institute of the Fed in Philadelphia held a series of six surveys to gauge the levels of crypto ownership and first acquisitions. The research targeted the aftermath of the Covid pandemic, as well as periods following the 2022 bear market.  The low point for first-time crypto buyers, or ‘nocoiners’, was in October 2022. At that time, the market had already stalled following the crash of FTX. Only 4% of queried users acquired crypto for the first time during that period.  Crypto recovery increased the pool of potential buyers From October 2023 onward, the CFI opened the quarterly LIFE survey on lifetime crypto ownership. The most recent survey session concluded in April 2024. While crypto prices recovered from the end of 2023 onward and peaked in March 2024, the study reveals there is no hype or rush to acquire more crypto, at least among the selected respondents.  Nocoiners still showed increased interest in crypto as of April 2024. The CFI included a question on intended future crypto ownership. The metric rose to 13.4% of respondents as of April 2024, compared to 4% during the 2022 bear market.  Crypto veterans were more likely to acquire more assets – 21.8% of all respondents that ever owned crypto said they were likely to buy more in the near future.  The survey also saw no significant change in the number of crypto owners. During the…

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Filed under: News - @ September 30, 2024 4:25 pm