Bitcoin (BTC) Surpasses Dogecoin (DOGE) and Cardano (ADA) in This Important Metric

Cover image via U.Today

Recent analytics reveal that Bitcoin (BTC), the dominant cryptocurrency, has outperformed its top 10 rivals, including Dogecoin (DOGE) and Cardano's (ADA) native PoS token.

The report indicates that Bitcoin whales and retail investors have exhibited significantly higher activity levels compared to DOGE and ADA holders.

Bitcoin Surpasses DOGE and ADA in Wallet Activity

On-chain data aggregator Santiment has released a report analyzing the recent activity of wallet owners holding Bitcoin, Dogecoin, and Cardano.

The report highlights that the number of non-empty Bitcoin wallets has experienced a rapid increase despite market volatility, which has led to "choppy prices." In contrast, the number of non-empty wallets for leading altcoins like Dogecoin and Cardano has plateaued after initial growth earlier this year.

Regarding Cardano's ADA, Santiment observes that it is "one of the few networks to see active wallets drop."

Despite this data, cryptocurrency analyst and trader Ali Martinez, using Santiment data, reports a substantial decline in Bitcoin whale activity over the past two weeks.

Martinez suggests that a significant increase in Bitcoin whale transactions could potentially drive the price of Bitcoin higher from its current level of $62,964.