The Ethereum and XRP Standout
Santiment profiled six digital currencies, including the aforementioned Bitcoin and Chainlink. While Chainlink underperformed with 3,300 drops in hodler wallets, Ethereum and XRP stood out.
The shared data showed that Ethereum had recorded a 645,000 uptick in its hodler wallets. This figure underscores its dominance as the top altcoin among retail investors. XRP followed closely with a total hodler wallet recording a 58,000 count since the start of the year.
Ecosystem Projects and Dogecoin Advantage
Despite the ongoing bull cycle, fluctuations have shown how volatile and uncertain the market is. As reported earlier by Coingape, ETH price lost 9% of its value in under 24 hours, a trend visible in other altcoins.
Amid this uncertainty, investors focus on developer activity, and other utilities focus beyond price. While Ethereum developers are working on the Pectra Upgrade, Ripple Labs launched RLUSD stablecoin to boost XRP liquidity.
Input Output Global developers are also working on perfecting the Cardano community governance. In all, Dogecoin might take more of the spotlight in the altcoin market in the long term.
Conclusion
The data provided by Santiment highlights the fluctuating nature of the cryptocurrency market. While Ethereum and XRP have shown significant growth in their hodler wallets, other altcoins have struggled to keep up. As the market continues to evolve, it will be interesting to see how these trends play out in the long term.
FAQs
Q: What is the significance of the hodler count in cryptocurrency?
A: The hodler count is a measure of the number of investors holding a particular cryptocurrency for the long term. A growing hodler count can indicate increased confidence in the project and its potential for growth.
Q: Why is Ethereum’s dominance as the top altcoin among retail investors significant?
A: Ethereum’s dominance is significant because it indicates that retail investors are increasingly interested in the project and its potential for growth. This can lead to increased adoption and usage of the Ethereum network.
Q: What is the Pectra Upgrade, and how will it impact Ethereum?
A: The Pectra Upgrade is a planned upgrade to the Ethereum network that aims to improve its scalability and security. This upgrade has the potential to increase the adoption and usage of the Ethereum network, which could lead to increased growth in its value.
Q: What is the RLUSD stablecoin, and how will it impact XRP?
A: The RLUSD stablecoin is a new stablecoin launched by Ripple Labs that is pegged to the US dollar. This stablecoin has the potential to increase the liquidity of XRP and make it more attractive to investors.
Q: What is the significance of Dogecoin’s potential to take more of the spotlight in the altcoin market?
A: Dogecoin’s potential to take more of the spotlight in the altcoin market is significant because it could indicate increased interest and adoption of the project. This could lead to increased growth in its value and increased usage of the Dogecoin network.
