- A survey signifies that investors are putting funds in the three altcoins, which seemingly have a bullish potential for the future.
- Seemingly, investors believe in the potential of altcoins more than the leading two, Bitcoin and Ethereum.
- At the time of writing, Bitcoin is trading at $29,735 and is down by around 2% in the last twenty-four hours.
Seems like large investors’ confidence over the second largest crypto asset Ethereum (ETH), is slowly fading away, as they are betting on other altcoins like Polkadot (DOT), Cardano (ADA), and XRP.
CoinShares’ Digital Asset Bi-Monthly Fund Manager Survey recently highlighted that the investors are gradually making a distance from Ethereum (ETH) since March. And that they are putting funds in the three altcoins, which seemingly have a bullish potential for the future.
Furthermore, the report discovered that the thoughts about the crowned crypto Bitcoin (BTC) have also changed as investors are turning heads toward altcoins.
Recently a news website reported that investors allocating funds to Cardano have nearly surged by half from 5% to 12%. Whereas allocation to XRP has risen from around 4% to 6%, and if we talk about Polkadot, it has surged from 9% to around 13%.
The survey also highlighted that the investors allocating funds to Solana (SOL) have considerably slipped from 4% to 1%.
The recent Ethereum Beacon chain reorg issue was a major reason that the second-largest cryptocurrency witnessed a price plunge. Whereas when it comes to ADA crypto, there might be a possibility that the investors are allocating more to the asset due to its upcoming hard fork, Vasil hard fork.
The overall crypto market has seen a lot of downtrends, with even the crowned cryptocurrency consolidated around a price range of $30k; currently, it is trading at $29,735. There are also some investors who are predicting that the crypto bear market will be here for a long time, i.e., at least by the year’s end. It is to look forward to how the major crypto assets would perform further.
Source: https://www.thecoinrepublic.com/2022/06/04/survey-highlights-that-crypto-fund-managers-have-gained-confidence-on-ada-dot-and-xrp/