As an experienced analyst, I find the recent data on Bitcoin’s wallet activity in comparison to Dogecoin and Cardano quite intriguing. Based on the report by Santiment, it is clear that Bitcoin has been outperforming its rivals in terms of wallet activity. The number of non-empty Bitcoin wallets has been increasing at an impressive rate despite the volatile prices. In contrast, the growth of Dogecoin and Cardano wallets has flattened, with DOGE wallets even showing a decline.
According to the latest analytics data, Bitcoin, the leading cryptocurrency, has outperformed its major competitors, including Dogecoin, the original meme coin, and Cardano‘s indigenous proof-of-stake token, ADA.
In recent times, Bitcoin’s larger investors and smaller players have displayed increased levels of activity compared to their counterparts in Dogecoin and Cardano.
Bitcoin beats DOGE and ADA by wallet activity
A report from on-chain data provider Santiment has been released, detailing the recent transactions involving Bitcoin, Dogecoin, and Cardano holders.
The tweet indicates that the count of Bitcoin wallets with balances, which has been expanding swiftly, contrasts with the unpredictable market characterized by volatile “choppy prices.” Regarding notable altcoins like Dogecoin and Cardano, an uptrend in DOGE wallet numbers was observed earlier this year; however, their growth trajectory has since leveled off.
According to Santiment, the number of active wallets for Cardano’s ADA is among the fewer ones that have experienced a decrease.
As a researcher studying cryptocurrency trends, I’ve noticed an intriguing development: the number of non-empty Bitcoin wallets continues to expand at a remarkable pace, despite some volatility in Bitcoin prices. On the other hand, the growth rate for #Altcoin wallets, such as those holding assets like Dogecoin, has begun to level off following significant gains earlier this year. Interestingly enough, Cardano is among the exceptions, experiencing a decline in active wallet numbers.
— Santiment (@santimentfeed) April 27, 2024
Using information from another data company specializing in on-chain cryptocurrency analysis, Ali Martinez, a well-known cryptocurrency analyst and trader, has mentioned that there has been a significant decrease in Bitcoin whale activity over the past fortnight based on Santiment’s data.
A significant rise in large-scale Bitcoin transactions by “whales” could potentially drive up the Bitcoin price from its present value of $62,964.
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2024-04-27 14:55