Bitcoin
53.7% of investors prefer memecoins over Bitcoin, reveals exclusive report from AMBCrypto
- Most investors want to invest in Bitcoin NFTs rather than their Ethereum equivalents.
- Ethereum is expected to rise in the coming weeks thanks to exchange outflows.
The crypto market saw the approval of Spot Ether ETFs on May 23. Investors generally expected a brief recovery after this highly anticipated event. However, ETH fell by up to 4% in just 24 hours and Bitcoin mirrored its movement.
Now, analysts are divided on predicting Bitcoin’s next level, with some anticipating a major correction while others predict a rally is coming.
In fact, a exclusive search conducted by AMBCrypto found that 67.3% of investors expect the king coin to rise 80% by the end of this year.
According to our analysis, Bitcoin is gearing up for a major bull run. AMBCrypto Report – May 2024 discusses the four main reasons why the market should expect a bullish move soon.
Surprising Findings from AMBCrypto Research
To closely gauge market sentiment, we contacted more than 550 crypto users from around the world. Our analysis found that investors are increasingly interested in purchasing memecoins when compared to Bitcoin.
For example, 53.7% of respondents said they would choose memecoins over Bitcoin in their portfolios.
To our surprise, close to 60% of market participants also revealed that they want to invest in Bitcoin NFTs instead of Ethereum NFTs. This highlights the growing demand for Bitcoin layer 2 solutions.
AMBCrypto’s Crypto Market Report – May 2024 Edition takes a deep dive into research findings with many unique insights for traders and investors.
Tier 3 dominates conversations in May
According to AMBCrypto analysis, Layer 3 was the narrative that moved the most over the last month. It has the potential to occupy a larger market share in the coming months.
The report concluded that its adoption in the East has been high when compared to the West. Mainly because countries like the US and UK are currently primarily focused on Tier 2 solution use cases. Therefore, a huge growth opportunity awaits Tier 3 projects.
Now, if Layer 3 adoption accelerates, the Ethereum blockchain will likely benefit the most from it. AMBCrypto May Report explains the reasons in detail.
As far as Ethereum is concerned, its exchange flows dropped significantly after May 21st. Therefore, a price increase can certainly be expected.
Source: Santíment
Take a look at the AMBCrypto Report – May 2024 Edition
This report reveals the fastest crypto narratives, surprising datasets, and exclusive insights. It will dive into important topics like –
- Bitcoin June Outlook and What to Expect Going Forward
- The growing 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 the top altcoins and what their future trajectory could look like
- Ethereum’s weakened correlation with real currency
- NFT Market Volume Drop – Is There Any Chance of Revival?
You can also download the full report here.
