Altcoins

Investors Prefer Solana, Terra, Algorand & Avalanche Than Ethereum, Bitcoin – Report! 

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Apr 26, 2022

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One of the popular research platforms, Coinshares recently shared a report where-in it highlighted some interesting facts about the change in trends among the institutional investors. The report said that the investors are keener on investing in popular and rising altcoins like Avalance, Solana, Terra and Algorand rather than Bitcoin or Ethereum. With the investment trend surfaced, the much-diversified interest of the inventors emerged. 

The report further says that the investors continue to flood in their investments in altcoins as the outflows were restricted to $7 million last week. 

weekly report

As seen in the chart posted by CoinShares, the weekly outflows in the last week were recorded at $7.2 million. However, the outflows of the entire month sum up to $219 million, with some couple of days still remaining in the month. And hence April is on the verge to record the highest outflows surpassing the March levels of $220 million. On the other hand, Ethereum outflows continue for the third consecutive week bringing to $16.9 million to date. 

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Interestingly, the investments in the other altcoins have risen up with the inflows remain elevated. Avalanche (AVAX), Solana(SOL), Terra(LUNA) and Algorand(ALGO) witnessed $1.8M, $0.8M, $0.7M and $0.2M inflows respectively. Conversely, Bitcoin saw minor inflows last week of nearly $2.6M out of which $0.2M were for the Bitcoin Shorts. The outflows were recorded at $178M since the beginning of April. 

Therefore, with the report, it is pretty clear that the institutional investors are looking out for other strong investment options other than Bitcoin or Ethereum. The silent trend within the narrow range since the beginning of the month may have compelled the investors to look out for more options. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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