- Last week, Solana, an Ethereum competitor, received more institutional money inflows than any other crypto asset
- Solana received more than twice as much institutional funding as Ethereum
- According to the firm, the world’s most valuable cryptocurrency has seen outflows of $2.8 million for the seventh week in a row
Last week, Ethereum competitor Solana received more institutional money inflows than any other crypto asset, according to digital asset manager CoinShares. Solana received more than twice as much institutional financing as Ethereum, according to the firm’s weekly report.
Solana had the greatest inflows of the digital assets
Last week, Solana, a competitor to Ethereum with a more flexible architecture and faster transaction resolution, had the greatest inflows of any digital asset, totaling US $7.1 million. Last week, Ethereum experienced moderate inflows of US $3.2 million, with Cardano, Litecoin, and Polkadot seeing inflows of US $6.4 million, the US $1.8 million, and the US $1.1 million, respectively.
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Solana, which is supported by FTX CEO Sam Bankman-Fried, has risen 92.9 percent in the last two weeks, while Ethereum has increased by 11 percent. According to CoinShares, the red-hot Cardano (ADA), which has seen a 35 percent surge in the last seven days, had just slightly smaller institutional inflows than Solana.
Bitcoin, the world’s most valuable cryptocurrency by market capitalization, has suffered the seventh week of outflows totaling $2.8 million, according to the firm. While the paucity of inflows in Bitcoin may reflect negative sentiment, it also hides fairly uneven flows between providers, according to CoinShares. According to CoinShares, Litecoin (LTC) received $1.8 million in inflows, Polkadot (DOT) received $1.1 million, and XRP received $1 million.
The market value and daily trade volume of Ethereum killers have reached new all-time highs
Cardano’s popularity among crypto enthusiasts peaked just before the announcement of its smart contract feature. ADA is the third-largest cryptocurrency by market value, and its price has risen about 20% in the last day. It is currently in price discovery mode.
After almost $1 trillion was wiped off the larger cryptocurrency market in the last few weeks, ADA has emerged as the biggest coin to set a new all-time high (ATH). In its drive to enable decentralized applications on its blockchain, ADA is joined by rivals SOL and LUNA, which are directly competing with Ethereum.
Despite the DeFi ecosystem’s numerous security vulnerabilities, merchants are hopeful about the three initiatives. The growth in daily trade volume across exchanges demonstrates this. ADA is the least expensive of the three, but it has the highest market capitalization. The trading community is more excited about smart contract functionality as a result of recent statements from Input Output Hong Kong (IOHK), the blockchain startup behind Cardano, and CEO Charles Hoskinson.
Cardano’s remarkable surge to $2.50 has displaced Binance Coin as the third-largest cryptocurrency, compared to a low of $1 in July 2021. The price of ADA has increased by 150 percent in less than 50 days, making traders optimistic about the possibility of a breakout.