Coinbase Claims 60% Of Its BTC Buyers Go Into Altcoins

A new report has been issued by the major cryptocurrency exchange Coinbase. As we can see in it, Coinbase claims that although most of the users initially favor Bitcoin (BTC), they later flock to altcoins and other digital assets.

As the exchange cited the news in a blog post:

“Among customers with at least five purchases, 60% start with bitcoin but just 24% stick exclusively to BTC.”

In other words, this means that 60% of the Bitcoin buyers on Coinbase are getting into altcoins at some point in the future. In total, Coinbase claims that “over three quarters” of its customers “eventually buy other assets” such as altcoins.

Furthermore, Coinbase also says that its customers “trade non-BTC assets at a roughly 3% higher rate than their relative market caps would suggest.” The claims of the exchange which are now viral in the Coinbase news have also been visualized in a nice chart which is shared below.

Meanwhile, the Bitcoin price news show that the market capitalization dominance is at almost 67% today as the coin is gaining strength. Some analysts are calling for an uptick soon while others are estimating that BTC will keep the mid-term levels. In any scenario, a downward movement is not expected that much but is always an option.

While Bitcoin is trying to hit levels of up to $14,000 after its halving which occurred at the start of this week, the blog’s author wrote that Coinbase claims that investors are smarter – and that the exchange “sees a trend where bull markets show increasing traction among alternative assets.”

This could be for a variety of reasons, as the exchange noted, “but one is largely psychological.” However, BTC remains the safety net for most investors and this should be known by everyone on the market. The author of the blog post said that “a converse is also possible as prices drop and fear grips the market” but also noted that “a flight to crypto safety drove Bitcoin back to the forefront.”

In a poetic flourish, the author of the blog post concluded:

“Bitcoin is king, and likely to remain king for a long time. But it is also paving the way for a thousand flowers to bloom.”