Cardano has shown its strength in the latest inflows to the market. The market has seen steady inflows over the last few months. Currently, there are 13 weeks consecutively of inflows. Inflows indicate institutional interest, which has prompted inflows to Bitcoin and all altcoins. However, Cardano looks to have enjoyed the most benefits amongst the altcoins from last week’s inflows.
Cardano leads the pack
Cardano had positive inflows last week, which placed it ahead of the other altcoins. Cardano saw positive inflows last week, totaling $16million. Total market inflows to date have hit an all-time high of $9billion. Three weeks earlier, however, the market record had fallen to $9billion.
Related Reading | What Went On In The Secret Meetings Between Cardano Developer IOHK And Zanzibar Officials?
Cardano wasn’t the only altcoin to see positive inflows. The CoinShares report also indicated that Ethereum was continuing its streak of high market inflows. Inflows to rival Solana totaled $9.8million. Similar results were also recorded for XRP and Polkadot, with $5.2 million inflows and $3.1 millions, respectively.
ADA Price Struggles at $1.8| Source: ADAUSD on TradingView.com
Ethereum’s inflows saw the digital asset’s total asset under management break a new record. AuM in Ethereum has surpassed $21 Billion for the first ever time. These inflows indicate a positive outlook by institutional investors towards altcoins and smart contract platforms. They led all altcoins by a wide margin for this week.
Bitcoin Maintains The Lead
Although the altcoins gained ground in last week’s inflows, bitcoin has continued to maintain the lead. Bitcoin accounted for the largest share of the $151 million inflows, with $98 million coming into the digital asset. This speaks to bitcoin’s place as a market leader and continues to cement its spot as the most valuable cryptocurrency in the market.
Similar Reading: Cardano founder addresses price speculations as ADA struggles| Cardano Founder Addresses Price Speculations As ADA Struggles
Cardano’s $16 million worth of inflows comes out to less than 20% of the total bitcoin inflows but is nonetheless a significant figure for the altcoin. Bitcoin’s inflows have been mostly contributed to by trading in the ETF funds that have been approved by the SEC. This number will likely grow as the VanEck ETF starts trading Tuesday.
Bitcoin’s total year-to-date inflows now sit at a record $6.5 billion. The total assets under management of the digital currency is also at an unprecedented high, with $56 billion under management.
Capital.com featured image, Chart from TradingView.com