Solana, XRP, and Cardano Attract Institutional Investors

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The crypto market is off to a strong start this week, surging over 2.5% in value. After a bearish spell, cryptocurrencies show signs of stability, hinting at a potential bullish end of the month for Bitcoin and altcoins. 2023 Sees Big Bucks Flowing into Solana, XRP, and Cardano (ADA) – Leaving ETH in the Dust, reports CoinShares. These altcoins have emerged as top picks, reflecting a shifting trend in the crypto market. 

A Change in Trend- Pumping Solana, Cardano & XRP? 

Meanwhile, institutional investors are reshaping the cryptocurrency craze in 2023, with Solana (SOL) emerging as a standout choice, drawing $3.7 million in weekly inflows. Despite a recent 9% dip in value, Solana’s appeal to institutions is undeniable.

XRP is proving its mettle with an extraordinary streak of 25 consecutive weeks of positive inflows, showcasing its resilience in the face of legal challenges. Cardano (ADA) is also garnering attention with $6 million in institutional inflows. These three cryptocurrencies have collectively amassed $59 million, $15 million, and $6 million in inflows year-to-date, solidifying their position as favored choices among institutional investors. 

So, What is Pumping this Surge? 

Undoubtedly, this trend signifies growing institutional confidence in the potential of these digital assets, even amidst market fluctuations. While Solana’s recent institutional interest hasn’t led to an immediate surge in market prices, it underscores the nuanced nature of cryptocurrency investment. Various factors influence the market, and short-term volatility may not necessarily reflect long-term investment potential.

Additionally, the data reveals a noticeable regional divide in institutional investment patterns. While the US sees steady but modest inflows, Europe enjoyed net inflows of $7 million last week, with Sweden being the only exception, experiencing outflows. This divide underscores the varying levels of institutional adoption across different regions.

Market Divide and XRP’s Notable Streak

Plus, it highlights a regional disparity in institutional investment trends. While the US continues to see modest inflows, Europe enjoyed net inflows of $7 million last week, with Sweden being the lone exception, experiencing outflows. XRP’s extraordinary streak is particularly noteworthy, boasting 25 consecutive weeks of positive inflows from institutions.

XRP’s recent legal win favors the coin, though not much change is noticed in price, yet it is one of the tough competitors of Bitcoin. Conversely, Bitcoin continues to attract investments, with $43 million flowing in. However, some are betting against it, putting $1.2 million into “short” positions, banking on a price drop. 

Currently, Bitcoin stands at $27,600, showing a slight two percent dip.