Solana is making its mark once again as most cryptocurrencies turn green in terms of price movement, cryptocurrency investment products have finally seen a net inflow of capital for the first time in the last six weeks.
According to the new CoinShares Reportmost of this entry is attributed to bitcoin, as most altcoins the market recorded outflows last week. But how bitcoin-news/bitcoin-price-action-in-october-a-probabilistic-overview/” rel=”nofollow noopener” target=”_blank”>bitcoin begins to regain entry momentum Solana has continued to shine, outperforming altcoin investment products with inflows of $5 million.
Solana’s digital investment products leave ethereum in the dust
Solana has had an epic run this year and has done better than most altcoins in terms of crypto-investment-inflows-reach-one-year-high-reveals-coinshares/” rel=”nofollow noopener” target=”_blank”>interest from institutional investors. The cryptocurrency continues to reiterate its ascending position among investors with 27 weeks of inflows and only 4 weeks of outflows this year. But while altcoins like Solana and XRP has also had inflows In recent weeks, ethereum, in particular, has struggled to gain traction from institutions.
CoinShares data reveals that investor interest in ethereum is quite low. Although ethereum remains the dominant platform for DeFi and smart contracts, its investment products saw outflows of $1.5 million last week, maintaining its outflow trend for the sixth consecutive week.
Other altcoins such as Litecoin,
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Solana-Leaves-Ethereum-in-the-Dust-as-Institutional-Inflows-Surge" alt="Tradingview.com Solana Price Chart (ethereum)” width=”2884″ height=”1746″/>
SOL price holds above $24 | Source: SOLUSD on Tradingview.com
Factors influencing influx
The Coinshares report attributes the inflows into bitcoin to a reaction to a combination of positive price momentum and fears over US government debt pricing, considering that the bulk of the inflows occurred in late week. Amid these influences, Solana has seen growth in other aspects of its ecosystem that may have attracted institutional investors.
On the one hand, Solana has had one of TVL’s best performances in recent months. surpassing ethereum in terms of growth. DefiLlama data shows that Solana’s total value locked just hit a new yearly high of $336.77 million. This represents 64% growth from its TVL of $205.11 million at the beginning of the year.
Coinmarketcap data shows that Solana has benefited the most from the btc/bitcoin-price-sees-correction-27250/” rel=”nofollow noopener” target=”_blank”>current bullish momentum in the broader crypto market. As a result, Solana managed to surpass Dogecoin and Cardano to become the seventh largest cryptocurrency by market capitalization.
RIP: $SOL LAPS $DOGE AND $ADA IN MARKET CAPITAL pic.twitter.com/RXKCBQinIJ
– DEGENERATED NEWS (@DegenerateNews) September 30, 2023
At the time of writing, Solana is up 24.13% over a 7-day period. Current Solana Price Action It is approaching the resistance at $24.5, which could force another downward correction.
Featured image of Guarda Wallet, chart from Tradingview.com
