Bitcoin Sees Increase in Investors, Altcoins Experience Slowdown
Bitcoin has been making headlines recently as on-chain data suggests a surge in new investors flocking to the original cryptocurrency. Meanwhile, altcoins like Dogecoin, Cardano, and others have seen a slowdown in investor activity.
According to data from on-chain analytics firm Santiment, the Total Amount of Holders for Bitcoin has been on the rise, indicating a growing number of investors entering the market. This metric tracks the total number of addresses on the Bitcoin network holding a non-zero balance, and an increase in this value typically signifies adoption and investor interest.
On the other hand, altcoins like Dogecoin, Cardano, and Chainlink have experienced flat movement in their Total Amount of Holders metric. Dogecoin saw a rapid uptrend at the beginning of the year but has since flattened out, while Cardano has seen a slight decrease in the number of investors.
The trend suggests that investors may be shifting their focus back to Bitcoin amid bearish market conditions. Despite the recent price struggles, Bitcoin’s userbase continues to grow, with a 2.6% increase in the number of holders in the past three months.
Overall, the data indicates a shift in investor sentiment towards Bitcoin, with altcoins seeing a slowdown in investor activity. As Bitcoin continues to dominate the market, it will be interesting to see how this trend plays out in the coming months.
