- A majority of investors want to invest in Bitcoin NFTs over their Ethereum counterparts.
- Ethereum is expected to hike in the next few weeks, thanks to exchange outflows.
The crypto market saw Spot Ether ETFs approval on 23 May. Investors, at large, were expecting a short rally after this much-awaited event. However, ETH instead declined by as much as 4% in just 24 hours and Bitcoin mirrored its move.
Now, analysts are divided on predicting Bitcoin’s next level, with some anticipating a major correction while others are forecasting an arrival of a bull rally.
In fact, an exclusive survey conducted by AMBCrypto found that 67.3% of investors are expecting the king coin to rise by 80% by the end of this year.
As per our analysis, Bitcoin is preparing for a major bull run ahead. AMBCrypto’s report – May 2024 discusses the top four reasons why the market should expect a bullish move soon.
Surprising findings from AMBCrypto’s survey
To gauge market sentiment closely, we reached out to more than 550 crypto users from across the globe. Our analysis found that investors are getting more interested in acquiring memecoins, when compared to Bitcoin.
For instance, 53.7% of respondents said they would choose memecoins over Bitcoin in their portfolios.
Much to our surprise, close to 60% of market participants also revealed that they want to invest in Bitcoin NFTs over Ethereum NFTs. This goes on to highlight the growing demand for Bitcoin’s layer 2 solutions.
AMBCrypto’s Crypto Market Report – May 2024 edition dives deep into the findings of the survey with many exclusive insights for traders and investors.
Layer 3 dominates conversations in May
According to AMBCrypto’s analysis, Layer 3 has been the fastest-moving narrative over the last month. It has the potential to occupy a larger market share in the coming months.
The report found that its adoption in the East has been high, when compared to the West. Primarily because countries like the U.S. and the UK are majorly focused on the use cases of Layer 2 solutions currently. So, a major growth opportunity is awaiting Layer 3 projects.
Now, if Layer 3 adoption accelerates, the Ethereum blockchain is likely to benefit the most from it. AMBCrypto’s May report explains the reasons in detail.
As far as Ethereum is concerned, its exchange inflows have fallen significantly after 21 May. A price hike, hence, can surely be expected.
Source: Santiment
Take a look at AMBCrypto’s Report – May 2024 Edition
This report reveals the fastest-moving crypto narratives, surprising data sets, and exclusive insights. It will dive into key topics like –
- Bitcoin’s June Outlook and what to expect going forward
- The rising influence of Layer 3, and how it can change the Web 3 landscape
- The dominance of SocialFi projects and why are they trending
- A look at leading altcoins and what their future trajectory could look like
- Ethereum’s weakening correlation with the king coin
- NFT market’s falling volume – Is there any chance of revival?
You can also download the full report here.