I'd say that the majority of folk that I listen to is neither trad nor the psych- acid- or whatever-folk of the 70s. Individuals and bands - many of them youngsters - are using the folk idiom to create something that is new, vibrant and exciting but still contains enough of the folk elements to be a continuum rather than a reinvention. That makes an old folkie like me very happy indeed. Here's an example, average age around 18:

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