- A majority of investors want to invest in Bitcoin NFTs over their Ethereum counterparts.
- Ethereum is expected to rise in the coming weeks, thanks to outflows on the exchange.
On May 23, the Spot Ether ETFs were approved in the crypto market. Investors generally expected a short rally after this highly anticipated event. However, ETH fell as much as 4% in just 24 hours and Bitcoin reflected this move.
Now, analysts are divided on predicting Bitcoin’s next level, with some expecting a major correction while others predict the arrival of a bull rally.
In fact, an exclusive survey from AMBCrypto shows that 67.3% of investors expect the King Coin to rise 80% by the end of this year.
According to our analysis, Bitcoin is preparing for a major bull run. AMBCrypto’s Report – May 2024 discusses the top four reasons why the market should expect a bullish move soon.
Surprising findings from AMBCrypto’s research
To accurately gauge market sentiment, we contacted more than 550 crypto users from around the world. Our analysis showed that investors are becoming increasingly interested in acquiring memecoins, compared to Bitcoin.
For example, 53.7% of respondents said yes prefer memecoins over Bitcoin in their wallets.
To our surprise, almost 60% of market participants also revealed that they want to invest in Bitcoin NFTs instead of Ethereum NFTs. This underlines the growing demand for Bitcoin’s layer 2 solutions.
AMBCrypto’s Crypto Market Report – May 2024 Edition dives deep into the research findings with many exclusive insights for traders and investors.
Layer 3 dominates the conversations in May
According to AMBCrypto’s analysis, Layer 3 was the fastest-moving story of the past month. It has the potential to capture a larger market share in the coming months.
The report found that its acceptance was high in the East, compared to the West. Especially since countries like the US and Great Britain are currently mainly focused on the use cases of Layer 2 solutions. So there is a big growth opportunity waiting for Layer 3 projects.
If Layer 3 adoption accelerates, the Ethereum blockchain will likely benefit the most. AMBCrypto’s May report explains the reasons in detail.
As for Ethereum, currency inflows have dropped significantly after May 21. A price increase can therefore certainly be expected.
Source: Santiment
View AMBCrypto’s report – May 2024 edition
This report reveals the fastest-evolving crypto stories, surprising data sets and exclusive insights. It will touch on important topics such as –
- Bitcoin’s June Outlook and What to Expect in the Future
- The rising influence of Layer 3, and how it could change the Web 3 landscape
- The dominance of SocialFi projects and why they are trending
- A look at leading altcoins and what their future trajectory could look like
- Ethereum’s weakening correlation with the king coin
- Declining volume in the NFT market – Is there a chance of a rebound?
You can also download the full report here.