Institutional investors are showing greater interest in Cardano (ADA) as the smart contract platform records its largest weekly inflows.
According to a new report from digital asset management firm CoinShares, Cardano’s market share is on the rise after a substantial influx of capital from institutional investors.
“Cardano saw inflows totaling $10.1 million this week, its largest on record, bringing its market share to 0.15%.”
Year-to-date, Cardano has witnessed its institutional investments surging to $55 million, nearly doubling its value in just a few weeks.
CoinShares adds that altcoins are on the up and up and are closing in on all-time highs in terms of assets under management (AUM).
“Altcoins (including Ethereum) now represent 32% of total digital asset AuM, close to the record 35% set in mid-May this year and surpassing the 30% highs seen in January 2018.”
Among altcoins, Ethereum takes the lion’s share of the assets under management, approximately $14.27 billion or about a quarter of the digital asset market share.
“Ethereum saw inflows totaling $17 million last week with only 7 of the last 16 weeks seeing outflows. Ethereum’s market share remains stable at 25%.”
Smart contract blockchains Solana and Polkadot also recorded inflows of under $3 million each.
“Both Solana and Polkadot continued to see inflows of $2.7 million and $1.5 million respectively. Solana has overtaken Bitcoin Cash’s AuM and now totals US$15.7m.”
Binance Coin (BNB) and Ripple (XRP) went against the general altcoin trend and recorded outflows of $3.3 million and $300,000.
As for Bitcoin, CoinShares says institutions continue to move capital away from the leading cryptocurrency.
“Bitcoin saw outflows for the 8th consecutive week with outflows totaling $3.8 million. 14 out of the last 16 weeks have been outflows.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Sergey Nivens