- 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
Bitcoin [BTC] NFTs have gained a lot of traction recently. In fact, AMBCrypto’s exclusive survey found that investors are now actually preferring Bitcoin NFTs over Ethereum NTFs. Hence, it’s worth taking a closer look at what the survey’s respondents feel about Bitcoin NFTs, the crypto’s price targets for the rest of 2024, as well as its other findings.
What’s going on with BTC?
Bitcoin disappointed its investors somewhat after bullish market trends failed to re-appear. In fact, at the time of writing, the king coin was down 2% on the weekly charts, with BTC trading just under $67,700 on the charts. Despite its lukewarm price action, however, it is interesting to note that according to the survey, Bitcoin NFTs have created quite a niche for themselves among modern-day investors .
AMBCrypto’s exclusive report revealed that a significant number of traders are drawn 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, as compared to the 11.8% who think NFTs are suitable with Ethereum’s blockchain only.
AMBCrypto’s report also looked at how BTC ordinals have been doing, as their demand and polarity seemed higher than those for Ethereum NFTs. According to Dune Analytics’ data, BTC’s total number of inscriptions is about to touch 67 million. Additionally, its Ordinals’ fees were as high as $6,829.9662 at press time – A commendable figure.
Memecoins above Bitcoin?
While Bitcoin may be making waves on the NFT front, it hasn’t been all well for the world’s largest cryptocurrency. In fact, the same can be evidenced by the fall in Bitcoin’s market dominance over the last few days.
Source: Bitcoin Dominance, TradingView
That’s not all as AMBCrypto’s report also found that investors are actually favoring memecoins over BTC. To be precise, 53.7% of the surveyed respondents favoured memecoins over Bitcoin.
Read Bitcoin (BTC) Price prediction 2024-25
As Bitcoin traded within a tight price range on the charts, its weighted sentiment fell dramatically. Soon after, bearish sentiments took a toll too, with the same having an impact on the crypto’s price action.
If Bitcoin NFTs continue to be as popular as they are right now, such popularity might help spur a hike in the crypto’s price over the next few weeks.
Source: Santiment