Institutionals turn to ADA and ETH
According to this new analysis by Coinshares, institutional appetite for ADA and ETH is particularly noticeable over the past week. This is particularly the case for the assets of Ehtereum: products dedicated to ETH saw an influx of $ 17.2 million last week. Cardano’s ADA meanwhile saw a capital inflow of up to $ 10.1 million arrive. This is the first time that this share has grown so much.
For comparison, institutions withdrew $ 3.8 million from investment products dedicated to Bitcoin over the same period. This seems to indicate a more marked attraction for altcoins. This is also confirmed by an inflow of 2.7 million dollars towards products dedicated to Solana (SOL).
This is the 8th week in a row that Bitcoin has seen funds dedicated to institutions lose capital: this corresponds to a loss of $ 60.9 million over the month. Altcoins currently represent 32% of assets under management, a threshold close to the record 35% set in mid-May.
Altcoin prices are a roller coaster ride
Placed in second and third place in the ranking of the most capitalized cryptocurrencies of the moment, ETH and ADA have just experienced a week in the form of a roller coaster. ETH hit $ 3,348 yesterday, before plunging back just as sharply to $ 3,232 this morning:
Source: TradingView, ETH / USDT
This corresponds to an increase of + 3.25% over the last 24 hours, with ETH capitalization reaching 379 billion dollars.
ADA is progressing less than its big brother ETH, but it must be said that its breakthrough took place earlier in the month: it has progressed by + 108% over the last thirty days. Over the last 24 hours, however, it has lost -3.32%:
Source: TradingView, ADA / USDT
According to data from CoinMarketCap, Bitcoin currently represents 43% of the total cryptocurrency market cap, compared to 46% posted at the end of July.
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About the author: Marine Debelloir
Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.