The 'last gasp' for Altcoins? 🤒

Glassnode predicts that Bitcoin holders are increasingly less likely to gamble their gains on alts.

Author

Stephen Graves
May 30, 2024

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📝 What you need to know

The days of obscure meme coins making big bucks for crypto degens may be at an end, according to on-chain markets firm Glassnode.

One of their top analysts suggests that Millennial Bitcoin holders are moving from the “get rich” phase to the “stay rich” phase, and are now sitting on meaningful sums that they’re “increasingly unwilling” to gamble on riskier assets with—thereby reducing demand for altcoins.

Mind you, rumors of the demise of altcoins may have been exaggerated, with gaming token Notcoin’s double-digit surge taking it to a new all-time high in the last day.

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