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You can also read this news on BH NEWS: Altcoin Holders Impact Crypto Market Dynamics
As Bitcoin struggles to maintain its value below the $100,000 threshold, altcoins like Ethereum, Dogecoin, Cardano, and XRP are drawing increased interest. Recent analysis from Santiment reveals that the number of long-term holders, or HODLers, of these altcoins has fluctuated significantly since the year began, indicating a notable effect on each asset’s ecosystem.
What Sets Ethereum and XRP Apart?
Focusing on a survey of six cryptocurrencies, including Chainlink, Santiment found that while Chainlink saw a decline of 3,300 HODLer wallets, Ethereum and XRP showcased impressive growth. Ethereum boasted an addition of 645,000 wallets, reinforcing its position as a popular choice among retail traders. XRP, on the other hand, gained 58,000 new HODLers, signaling its growing traction.
Is Dogecoin Leading the Meme Coin Trend?
Dogecoin, the only meme coin included in the survey, attracted 29,000 new long-term investors. In stark contrast, Cardano lagged with a mere 2,800 wallets supporting its long-term potential. Santiment noted that fluctuations in HODLer numbers correlate with the volatile nature of crypto prices as the market anticipates developments in 2025.
– Ethereum’s growth reflects strong retail interest.
– XRP’s upward trend suggests increasing investor confidence.
– Dogecoin maintains a solid foundation with its meme appeal.
– XRP’s upward trend suggests increasing investor confidence.
– Dogecoin maintains a solid foundation with its meme appeal.
Despite the current market volatility, forecasts suggest a thriving altcoin season is on the horizon. Galaxy Research predicts that Dogecoin may surpass the $1 mark by year-end, driven by strategic management efforts. Meanwhile, Ethereum is also expected to thrive, with projections estimating it could reach record highs of $7,000 within the same timeframe.