- Bitcoin’s dominance fell on the backs of survey respondents, clearly indicating their preference for memecoins.
- AMBCrypto’s survey also contains some interesting observations about the popularity of Bitcoin NFTs.
Bitcoin (BTC) NFTs have recently gained popularity. In fact, AMBCrypto’s exclusive survey found that investors now prefer Bitcoin NFTs over Ethereum NTFs. Therefore, it’s worth taking a closer look at what respondents think about Bitcoin NFTs, the crypto’s price targets for the remainder of 2024, as well as its other findings.
What is happening with BTC?
Bitcoin has somewhat disappointed its investors after market uptrends failed to reappear. In fact, at the time of writing, the royal coin was down 2% on the weekly charts, with BTC trading at just under $67,700 on the charts. Despite the tepid price action, it is interesting to note that, according to the survey, Bitcoin NFTs have created a niche for themselves among today’s investors.
AMBCrypto exclusivity report revealed that a significant number of traders are attracted to the emerging field of Bitcoin NFTs. According to the same, 57.8% of market participants want to invest in Bitcoin NFTs rather than Ethereum NFTs, compared to 11.8% who think that NFTs are only suitable for the Ethereum blockchain.
AMBCrypto’s report also looked at the progress of BTC ordinals, as their demand and polarity appeared higher than those of Ethereum NFTs. According to Dune Analytics’ data, the total number of BTC registrations is about to reach 67 million. Additionally, his Ordinals fees stood at $6,829.9662 at the time of publication – a commendable figure.
Memecoins above Bitcoin?
Although Bitcoin may be making waves on the NFT front, things haven’t gone very well for the world’s largest cryptocurrency. In fact, the fall in Bitcoin’s market dominance over the past few days may attest to this as well.
Source: Bitcoin Dominance, TradingView
It’s not all like AMBCrypto report also found that investors actually favor memecoins over BTC. To be precise, 53.7% of respondents preferred memecoins over Bitcoin.
Read Bitcoin (BTC) Price Prediction 2024-25
As Bitcoin traded in a tight price range on the charts, its weighted sentiment dropped dramatically. Soon after, the bearish sentiments also took a toll, which also impacted the crypto’s price action.
If Bitcoin NFTs continue to be as popular as they currently are, such popularity could help spur a rise in the price of the crypto over the coming weeks.
Source: Santiment
News Source : ambcrypto.com
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