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Cryptocurrency News Articles
Bitcoin Takes Flight as Investors Seek Solace in the OG Crypto
Apr 30, 2024 at 08:00 am
On-chain data from Santiment reveals a surge in Bitcoin investors, with the "Total Amount of Holders" metric indicating increased adoption. Conversely, altcoins such as Dogecoin, Cardano, and others have experienced a slowdown in this metric, suggesting a shift in investor preference towards Bitcoin amid bearish market conditions. This surge in Bitcoin holders is in contrast to the flat movement or slight decline observed in altcoin holders during the same period.
Bitcoin Outperforms Altcoins as Investors Flock Back to the Original Cryptocurrency
Amidst the fluctuating cryptocurrency market, Bitcoin has emerged as a beacon of stability, attracting a surge of investors while altcoins experience a slowdown. This shift in sentiment is evident in on-chain data analyzed by Santiment, a renowned blockchain analytics firm.
Total Amount of Holders: A Metric of Adoption and Investor Confidence
The "Total Amount of Holders" metric, meticulously tracked by Santiment, provides insights into the number of addresses holding non-zero balances of a particular cryptocurrency. An increase in this metric typically signifies net adoption, as it indicates the creation of new addresses corresponding to new or returning investors.
Bitcoin Witnesses Influx of Investors
Since the beginning of 2024, Bitcoin's Total Amount of Holders has steadily climbed, signaling a substantial influx of investors. This trend can be attributed to various factors, including the perception of Bitcoin as a safe haven asset during market downturns, the expectation of future price appreciation, and the return of investors who previously exited the market.
Altcoins Experience Slowdown
In contrast to Bitcoin's upward trend, several prominent altcoins have witnessed flat or even negative movement in their Total Amount of Holders. Dogecoin, which enjoyed a surge in adoption in early 2024, has since seen a plateau in its investor base. Other altcoins, such as Chainlink and Cardano, have also exhibited similar stagnation.
Investors Seek Stability in Bitcoin
Analysts attribute the preference for Bitcoin over altcoins to the current bearish price action in the market. Investors tend to flock to more established and trusted assets during periods of uncertainty, leading to increased interest in Bitcoin.
Dogecoin Holders Still Growing, But Percentage Lags Behind Bitcoin
Despite the slowdown in its adoption rate, Dogecoin's Total Amount of Holders has still grown by 13.8% in the past three months. However, this growth rate falls short of Bitcoin's 2.6% increase. The larger user base of Bitcoin may account for the relatively smaller percentage growth.
Cardano Faces Negative Trend
Cardano stands out as one of the few altcoins that have experienced a decline in their Total Amount of Holders during this period. However, the decrease is a mere 0.1%, suggesting a negligible impact on its overall investor base.
Bitcoin Price Fluctuates, But Long-Term Trend Remains Bullish
Bitcoin's price has recently encountered resistance around the $63,000 mark, hindering its recovery attempts. However, the long-term trend for Bitcoin remains positive, with technical indicators suggesting a potential breakout to higher levels.
Insights for Investors
The on-chain data presented by Santiment highlights the shifting dynamics in the cryptocurrency market. Investors are increasingly seeking refuge in Bitcoin, perceiving it as a more reliable investment during times of market volatility. While altcoins may offer potential for short-term gains, their lack of sustained growth in the Total Amount of Holders indicates a cautious approach from investors.
As the cryptocurrency market continues to evolve, it is crucial for investors to conduct thorough research before making investment decisions. The on-chain analysis provided by Santiment offers valuable insights into investor behavior and market trends, empowering informed decision-making.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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