Bitcoin [BTC]: Altcoins bite the dust as these investors prefer…
- BTC dominated in terms of transactions in the market.
- A new report showed that venture capitalists considered Bitcoin a high priority over other cryptocurrencies.
In between Bitcoin’s [BTC] notorious swing between the $27,000 region, and its resolve to reclaim $30,000, no altcoin surpassed it in volume. According to Santiment, BTC’s volume rose as high as 31 billion up until 27 April.
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The volume takes into account the number of coins or tokens that took part in transactions within a network. Notably, 31 billion was the highest BTC had reached since 20 March. Thus, this was a testament to Bitcoin’s dominance after a period of low activity compared to altcoins.
In a better position than the rest
A look at other assets, as shown above, revealed that BTC was far above in terms of volume. For instance, the second-largest cryptocurrency in market value Ethereum [ETH] only had 15.74 billion in volume.
SEC-trouble Ripple [XRP] recorded just 1.63 billion. And Elon Musk could not salvage his crypto interest Dogecoin [DOGE], as its volume stood at 778.75 million.
Although Bitcoin experienced an abrupt sell-off lately, it seemed like it was not enough to negatively affect the behavioral drive of the market. At press time, the king coin showed an incredible social dominance of 33.97%
Social dominance in crypto refers to the rate at which assets are getting hyped while traders are capitalizing on price tops and bottoms. This trend affirms Bitcoin’s position as the leading cryptocurrency and could have been instrumental in driving its price back up.
While some altcoins have seen significant gains since the widespread decline, not one has been able to keep up with Bitcoin’s growth in this regard.
While ETH’s dominance was 9.634%, DOGE remained lower at 3.439%. So, an instance like this means that even the combined share of both altcoins’ discussions was in no way close to BTC.
The king scoops the venture
Meanwhile, a report released by Trammell Venture Partners (TVP) revealed that Bitcoin also outperformed the overall market in terms of Venture Capitalist (VC) interest, and contribution.
According to the research results, deals fundamentally focused on Bitcoin rose by 52.9% between 2021 and 2022. However, TVP noted that the overall crypto venture fundraising only increased by 1%.
Nonetheless, the group’s Managing Directors noted that Bitcoin “won” in several monetary aspects. He said,
“Bitcoin has already won the base monetary reserve layer for the Internet, full stop. It’s just not broadly recognized as such.”
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Meanwhile, lead Glassnode on-chain analyst tweeted that Bitcoin Shrimps have taken almost every sell-off opportunity to accumulate in the last 12 months.
#Bitcoin Shrimp cannot be stopped.
These crazy HODLers are still acquiring coins at a rate of 28k $BTC per month.
The last 12 months has been the largest Shrimp balance expansion in history, and they appear to get aggressive during sell-off opportunities.
Smart Shrimp. pic.twitter.com/MAlZy2rt1J
— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) April 28, 2023
The Shrimp cohort acts as a measure of retail investors’ militancy in adding to their balance. An increase in this aspect means that investors who own less than one BTC were willing to HODL for the long ride.