Bitcoin (BTC) NFTs have gained significant traction recently, with a recent study by AMBCrypto revealing a preference for Bitcoin NFTs over Ethereum NFTs among investors. Let’s delve deeper into the sentiments of the study’s respondents regarding Bitcoin NFTs, the crypto’s price targets for the rest of 2024, and other key findings.
Despite bullish market developments failing to materialize, Bitcoin disappointed investors, currently down 2% on the weekly charts and trading just below $67,700. However, the study highlights that Bitcoin NFTs have captured the interest of modern-day investors, creating a buzz in the market.
AMBCrypto’s report unveiled a strong interest from a significant number of traders in the emerging realm of Bitcoin NFTs. According to the study, 57.8% of market participants prefer investing in Bitcoin NFTs over Ethereum NFTs, compared to only 11.8% who believe NFTs are more suitable on Ethereum’s blockchain.
The report also examined the performance of BTC ordinals, noting higher demand and popularity compared to Ethereum NFTs. Dune Analytics data revealed that BTC’s total number of inscriptions is approaching 67 million, with Ordinals’ prices reaching as high as $6,829.9662 at the time of publication – a noteworthy figure.
While Bitcoin is making strides in the NFT space, its market dominance has seen a decline in recent days. Additionally, the report found that investors are showing a preference for memecoins over BTC, with 53.7% of surveyed respondents favoring memecoins.
As Bitcoin traded within a narrow price range on the charts, its weighted sentiment experienced a significant drop, leading to bearish sentiments impacting the crypto’s price action. However, if the current popularity of Bitcoin NFTs persists, it could potentially drive an increase in the crypto’s price in the coming weeks.
