- Bitcoin’s dominance fell on the back of survey respondents making their preference for memecoins clear
- AMBCrypto’s survey also had some interesting observations about the popularity of Bitcoin NFTs
As an experienced analyst, I find it intriguing to observe the dynamic shifts within the crypto market. Based on recent trends and survey findings, I believe that Bitcoin’s (BTC) dominance is undergoing a notable transformation.
Recently, there has been significant interest in Bitcoin [BTC] Non-Fungible Tokens (NFTs). Intriguingly, results from AMBCrypto’s exclusive survey indicate that investors now lean towards Bitcoin NFTs over Ethereum NFTs. Consequently, it is essential to delve deeper into the perspectives of these respondents regarding Bitcoin NFTs, their projected price goals for Bitcoin through 2024, and other notable findings.
What’s going on with BTC?
Bitcoin fell short of investor expectations recently as the anticipated bullish market trends did not resurface. At present, the leading cryptocurrency has dipped by 2% on a weekly basis, with its value hovering around $67,700 on the price charts. Surprisingly, despite this lackluster performance, Bitcoin Non-Fungible Tokens (NFTs) have gained popularity among contemporary investors, according to a recent survey.
As a seasoned analyst, I’ve uncovered some intriguing insights from AMBCrypto’s exclusive report. Approximately six out of ten traders expressed their intent to invest in Bitcoin NFTs rather than Ethereum NFTs (57.8% vs 11.8% respectively). The rationale behind this preference seems to be rooted in the perceived advantages of the Bitcoin blockchain for NFT transactions.
AMBCrypto’s analysis additionally explored the performance of Bitcoin ordinals, revealing a greater demand and sentiment compared to Ethereum NFTs. As per Dune Analytics’ figures, Bitcoin’s inscriptions are approaching 67 million. Furthermore, fees for Bitcoin Ordinals reached an impressive $6,829,966.2 at the current moment.
Memecoins above Bitcoin?
Bitcoin’s supremacy in the crypto market has been challenged recently, as indicated by a decrease in its market share. Despite Bitcoin’s advancements in the NFT sector, its dwindling dominance is noteworthy.
In contrast to the common belief, a recent study by AMBCrypto revealed that an impressive majority, specifically 53.7%, of the surveyed investors lean towards memecoins instead of Bitcoin.
Read Bitcoin (BTC) Price prediction 2024-25
When Bitcoin remained relatively stable in its price fluctuation on the graphs, there was a significant decrease in the positive feelings expressed towards it. Shortly following this shift, negative attitudes began to influence Bitcoin’s price trend as well.
If the current high demand for Bitcoin NFTs continues, it could potentially lead to an increase in Bitcoin’s value within the coming weeks.
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2024-06-02 20:07