According to the most recent CoinShares reportMajor cryptocurrencies Polkadot (DOT), Cardano (ADA), and Litecoin (LTC) have collectively attracted a whopping $6.3 million in inflows amid an epic market boom, indicating renewed investor interest in these digital assets.
According to the most recent CoinShares reportMajor cryptocurrencies Polkadot (DOT), Cardano (ADA), and Litecoin (LTC) have collectively attracted a whopping $6.3 million in inflows amid an epic market boom, indicating renewed investor interest in these digital assets.
Litecoin attracted $2.3 million in entries; Cardano and Polkadot raised $1.2 million and $3.1 million, respectively.
The influx of funds into Polkadot, Cardano and Litecoin follows a broader rally in the cryptocurrency market last week, with many digital assets recently hitting new highs before pulling back.
The positive inflows highlight the growing appeal of these cryptocurrencies as investors seek exposure to assets other than Bitcoin.
According CoinShares, digital asset investment products saw record weekly inflows of $2.9 billion, surpassing the previous week’s all-time high of $2.7 billion. This brings year-to-date admissions to $13.2 billion, surpassing the $10.6 billion total admissions for 2021.
On the other hand, smart contract platforms such as Ethereum, Solana, and Polygon had outflows of $14 million, $2.7 million, and $6.8 million, respectively.
Bitcoin had $2.86 billion in inflows last week, representing 97% of the total inflows so far this year.
At the time of writing, Polkadot, Cardano, and Litecoin were showing mixed price action as several cryptocurrencies experienced profit-taking due to the falling Bitcoin price.
Polkadot (DOT) is up 2.91% in the last 24 hours to $10, Cardano (ADA) is trading at $0.664, down 1.74% in the last 24 hours and Litecoin (LTC) is down 2.71% in the same time period to $83.06.
