- Bitcoin’s dominance is due to respondents who made clear their preference for memecoins
- AMBCrypto’s research also yielded some interesting observations about the popularity of Bitcoin NFTs
Bitcoin [BTC] NFTs have been gaining a lot of traction lately. In fact, AMBCrypto’s exclusive research found that investors now actually prefer Bitcoin NFTs over Ethereum NTFs. That’s why it’s worth taking a closer look at what the survey respondents think about Bitcoin NFTs, the crypto’s price targets for the rest of 2024, and the other findings.
What’s going on with BTC?
Bitcoin somewhat disappointed its investors after bullish market trends failed to reemerge. At the time of writing, King Coin was actually down 2% on the weekly charts, while BTC was trading just under $67,700 on the charts. However, despite the tepid price action, it is interesting to note that Bitcoin NFTs have created quite a niche for themselves among modern investors, according to the research.
Exclusive to AMBCrypto report revealed that a significant number of traders are attracted to the emerging domain of Bitcoin NFTs. According to the same, 57.8% of market participants want to invest in Bitcoin NFTs over Ethereum NFTs, compared to the 11.8% who think NFTs are only suitable for Ethereum’s blockchain.
AMBCrypto’s report also looked at how BTC ordinals have fared, as their demand and polarity appeared higher than those for Ethereum NFTs. According to Dune Analytics’ factsBTC’s total registrations are about to reach 67 million. Furthermore, the Ordinals’ fees at the time of writing amounted to a whopping $6,829,9662 – a commendable figure.
Memecoins over Bitcoin?
While Bitcoin may be making waves on the NFT front, all has not been well for the world’s largest cryptocurrency. In fact, the same may be evident from Bitcoin’s decline in market dominance in recent days.
Source: Bitcoin Dominance, TradingView
That’s not all like AMBCryptos report also found that investors actually prefer memecoins over BTC. To be precise, 53.7% of respondents surveyed preferred memecoins over Bitcoin.
Read Bitcoin (BTC) Price Prediction 2024-25
As Bitcoin traded within a tight price range on the charts, weighted sentiment dropped dramatically. Soon after, bearish sentiments also took their toll, impacting the crypto’s price action.
If Bitcoin NFTs remain as popular as they are now, such popularity could fuel a surge in the cryptocurrency’s price in the coming weeks.
Source: Santiment