- BTC dominated in terms of transactions in the market.
- A new report showed that venture capitalists viewed Bitcoin as a high priority over other cryptocurrencies.
In between Bitcoins [BTC] notorious swing between the $27,000 region and its determination to reclaim $30,000, no altcoin has surpassed it in volume. According to Santiment, the volume of BTC rose to as much as 31 billion through April 27.
How many Worth 1,10,100 BTCs today?
The volume takes into account the number of coins or tokens that have participated in transactions within a network. Notably, 31 billion was the highest BTC had reached since March 20. So this was a testament to Bitcoin’s dominance after a period of low activity compared to altcoins.
Source: Sentiment
In a better position than the rest
A look at other assets, as shown above, revealed that BTC was well above par in terms of volume. For example, the second largest cryptocurrency by market value Ethereum [ETH] had only 15.74 billion in volume.
SEC issues Ripple [XRP] registered only 1.63 billion. And Elon Musk couldn’t save his crypto interest Dogecoin [DOGE]as the volume was 778.75 million.
Although Bitcoin a abrupt sell-off lately, it seemed that it was not enough to negatively affect the market’s behavioral drive. 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 hyped as traders profit from price tops and bottoms. This trend confirms Bitcoin’s position as the leading cryptocurrency and could have played an important role in pushing the price back up.
While some altcoins have made significant gains since the widespread decline, none have 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 example like this means that not even the combined share of both altcoins’ threads came close to BTC in any way.
Source: Sentiment
The king creates the enterprise
Meanwhile, one 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 increased by 52.9% between 2021 and 2022. However, TVP noted that total fundraising for crypto ventures only increased by 1%.
Nevertheless, the group’s directors noted that Bitcoin “won” in several monetary aspects. He said,
“Bitcoin has already won the basic monetary reserve layer for the internet, period. It’s just not widely recognized as such.”
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Meanwhile, lead Glassnode on-chain analyst tweeted that Bitcoin Shrimps has seized nearly every sell-off opportunity in the past 12 months.
#Bitcoin Shrimp are unstoppable.
These crazy HODLers are still acquiring coins at a rate of 28k $BTC per month.
The past 12 months have seen the largest shrimp balance expansions in history, and they seem to get aggressive during sell-off opportunities.
Smart Shrimp. pic.twitter.com/MAlZy2rt1J
— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) April 28, 2023
The Shrimp cohort serves as a measure of the combativeness of retail investors in growing their balance sheets. An increase in this aspect means that there were investors who own less than one BTC willing to HODL for the long ride.
