Cardano Leads Altcoins As Market Marks 13th Consecutive Week Of Inflows
November 17 2021 - 3:30PM
NEWSBTC
Cardano has flexed its muscles in the latest iteration of inflows
coming into the market. Inflows have been steady the past couple of
months, currently at 13 consecutive weeks of inflows for the
market. Bitcoin and altcoins alike have benefited from the inflows
which have indicated institutional interest piquing in the market.
However, Cardano looks to have enjoyed the most benefits amongst
the altcoins from last week’s inflows. Cardano Leading The Pack
Cardano saw positive inflows for last week which put it ahead of
other altcoins. Total inflows for the week had come out to $151
million and Cardano inflows totaled $16 million in the same time
period. The total year-to-date inflows for the market have now hit
a record $9billion. However, the record for the previous year had
been broken three weeks back after hitting the $7 billion mark.
Related Reading | What Went On In The Secret Meetings Between
Cardano Developer IOHK And Zanzibar Officials? Cardano was not the
only altcoin that saw positive inflows. According to the CoinShares
report, Ethereum had also continued its hot streak of market
inflows. Competitor Solana recorded inflows totaling $9.8 million.
Likewise, Polkadot and XRP, which saw $5.2 million and $3.1 million
of inflows respectively. ADA price struggles at $1.8 | Source:
ADAUSD on TradingView.com Ethereum’s inflows saw the digital
asset’s total asset under management break a new record. AuM in
Ethereum had surged past $21 billion for the first time ever. The
inflows suggest a positive outlook from institutional investors
toward altcoins, especially smart contract platforms. These
platforms led ahead of all other altcoins for the week. Bitcoin
Maintaining The Lead Although the altcoins gained ground in last
week’s inflows, bitcoin has continued to maintain the lead. Of the
total $151 million of inflows recorded, bitcoin made up the
majority with a total of $98 million flowing into the digital
asset. This speaks to bitcoin’s place as a market leader and
continues to cement its spot as the most valuable cryptocurrency in
the market. Related Reading | Cardano Founder Addresses Price
Speculations As ADA Struggles Cardano’s $16 million worth of
inflows comes out to less than 20% of the total bitcoin inflows but
is nonetheless a significant figure for the altcoin. Bitcoin’s
inflows have been mostly contributed to by trading in the ETF funds
that have been approved by the SEC. With the VanEck ETF kicking off
trading on Tuesday, this number is expected to grow for the coming
week. Bitcoin’s total year-to-date inflows now sit at a record $6.5
billion. Total assets under management for the digital currency are
also at an all-time high with a total of $56 billion currently
under management. Featured image from Capital.com, chart from
TradingView.com
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