Investing.com – The brilliance of one of the highlights of recent weeks appears to have not stopped yet, as it draws strength from broad institutional adoption. The market value of the seventh largest digital currencies during those moments is approaching sharply, and only a billion separates between the two currencies during those moments of Tuesday’s trading.
Solana’s market capitalization is $49.2 billion, while it is now rising by more than 10% at the levels of 167 countries, while rising by 280 percent in thirty days. In contrast, the market value of Ripple is about $50.2 billion, and it is now rising by about 4% at $1.08 levels, while declining by 14 within thirty days.
Solana has risen more than 505% in sixty days, while it has increased by about 9,000% since the beginning of the year, and is still far from its historical peak on September 9 at levels of 210 dollars.
According to CoinShare’s “Digital Asset Fund Flows Weekly” report, the Solana coin appears to be the most favored by institutional investors.
Institutional traders are flocking to Solana as demand for Ethereum and Bitcoin flattens, as institutions were betting heavily on Solana’s investment products last week.
Solana alone attracted 86.6% of institutional flows to digital asset products last week, while demand for Ethereum and Ethereum stagnated.
According to CoinShare, Solana’s investment products saw inflows of $49.4 million between September 6 and September 10.
Aggregate aggregate inflows of crypto investment products totaled $57 million for the week, and Solana saw a weekly increase of 275% to represent 86.6% of the total inflow of coins. “The combination of rising prices and inflows now puts Solana’s assets under management at $97 million, the fifth largest investment product,” CoinShare said in its report.
Digital asset products have now seen inflows for the fourth consecutive week, with the demand for altcoins vastly outpacing, while the appetite for Bitcoin has seen inflows at a minimum of $200,000.
Greg Wiseman, co-founder and chief operating officer of Mercuryo, told Cointelegraph that he expects SOL to reach $500 by the end of 2021.
“Solana’s growth appears to mimic those of Ethereum (ETH) and Binance Coin (BNB), and a $500 target offer may turn out to be simple,” Wiseman added.
“SOL’s recent outperformance in the market is to some extent a continuation of its recent growth,” said Peter Kozyakoff, co-founder and CEO of payment services company Mercuryo.
“With more than two different NFT projects and mints being launched in the ecosystem daily, there is never-ending demand for SOL from retail buyers,” Kozyakov added.
According to the report, the inflows were partially offset by institutional investors dumping $6.3 million of exposure to Ether, and the price of Ether during those moments of writing was down 13% for the week.
Despite the highly anticipated (ADA) launch of smart contracts on September 13, institutional flows of ADA-tracking products saw a 46% drop in inflows compared to the previous week.
The multi-asset products Rebel (XRP), Polkadot (DOT) and Bitcoin Cash (BCH) saw inflows of $3.2 million, $3.1 million, and $1.7 million.
According to CoinShare’s estimates, institutional asset managers currently own a total of $56.3 billion in assets under management – representing a 9% drop from the previous week as the broader crypto markets saw declines across the board.
Flows were mixed among the asset managers, with Coinshares XPT and Borbus losing $24.7 million and $45.5 million, respectively, while 21Shares, ETC Group and Coinshares saw inflows of $75 million, $13 million and $6.1 million, respectively. .
Senior Institutional Director Gray Scale remained dominant, representing 74% of the management’s $41.8 billion segments.
Grayscale announced a partnership with alternative asset provider Capital Network on September 13, and the transaction will enable iCapital advisors to offer the company’s net-worth clients access to Grayscale’s digital asset services through a diversified market capitalization-weighted investment strategy.
The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.
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