Is Cardano The Next Solana? Institutional Investors Clamor For ADA Exposure
11 Gennaio 2024 - 1:30PM
NEWSBTC
Crypto asset investment products started the year on a positive
note, with Cardano making a comeback despite going on a price
decline last week. According to the latest digital asset fund flow
from CoinShares, crypto products saw total inflows of $151 million
in the first week of 2024. Unsurprisingly, a larger part of
this inflow went into Bitcoin, with Ethereum closely following
behind. However, Cardano products also picked up steam during the
week, attracting notable inflows compared to other altcoins.
Cardano Attracting Institutional Altcoin Investors Institutional
investors poured a notable $3.7 million into Cardano-based
investment products last week, far greater than its average in
2023. Aside from Ethereum, which received a $29.6 million net
inflow, Cardano saw the most inflow among altcoins, followed by
Avalanche with $2 million. Related Reading: Bitcoin Spot ETF: SEC
Mishap Triggers $220 Million In Crypto Liquidations Litecoin and
XRP also saw modest inflows of $1.3 million and $0.9 million
respectively, while multi-asset products received a net inflow of
$5.4 million. It would seem most of the attention Solana
received in 2023 was diverted into Cardano in the week. According
to previous weekly reports, Solana frequently saw the most weekly
inflow in the last quarter of 2023, even surpassing Bitcoin and
Ethereum at some point. However, it would seem this sentiment
failed to show itself in the first week of the year, as data from
CoinShares showed Solana registered a net flow of $5.3 million.
Similarly, Short Bitcoin products saw a net outflow of $1 million,
pushing its total outflows over the last nine weeks to $7 million.
As stated earlier, Bitcoin received the most inflows. Bitcoin
started the year with a weekly net inflow of $113 million, and
inflows over the last nine weeks representing 3.2% of assets under
management. Blockchain equities have also had a good start to the
year, seeing US$24m inflows over the last week. In terms of
geographical location, the US saw the most activity. Exchanges in
the country saw a weekly net inflow of $83 billion, representing
55% of the total inflow. Germany and Switzerland followed with
$32.5 million and $24.9 respectively, representing 21% and 17% of
the total inflow. ADA price at $0.59 | Source: ADAUSD on
Tradingview.com What’s Next For ADA? The report from Coinshares
attributes the inflow to proponents of spot Bitcoin ETFs who
continue to push a bullish sentiment for the cryptocurrency pending
approval in the US. Now that these ETFs have been approved, it is
up to the market to determine what they bring to the table. Related
Reading: Renowned Finance Author Says Bitcoin Price Is Headed For
$150,000, Reveals Catalyst Cardano has also largely benefited from
a steady growth in its ecosystem, development activity, and in
DeFi. At the time of writing, Cardano (ADA) is trading at $0.5926.
The crypto has outperformed most large market cap altcoins in the
past 24 hours and is up by 15.55% in the timeframe. According to
various predictions, Cardano (ADA) is set for a surge in 2024 with
one analyst forecasting a price target of $6. Featured image from
CriptoNoticias, chart from Tradingview.com
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