Saturday, September 18, 2021
HomeNewsThe popularity of Solana (SOL) is skyrocketing as Bitcoin (BTC) and Ethereum...

The popularity of Solana (SOL) is skyrocketing as Bitcoin (BTC) and Ethereum (ETH) are flattening out

The demand for Bitcoin and Ethereum among institutional traders – which was very high not so long ago – has flattened significantly recently. In the meantime, the institutions seem to have found a new project – Solana (SOL / USD).

The project is quickly becoming a popular alternative to Ethereum (ETH / USD) as well as other, less competent development platforms. Meanwhile, SOL and Solana’s investment products saw their total weekly inflow increase by 86.6% over the past week.

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According to the latest edition of the Digital Asset Fund Flows Weekly, Solana’s inflows have reached $ 49.4 million during that time. When you consider that all of the total inflows for crypto investment products were around $ 57 million over the same period, it means that Solana dominates at 86.6%. This also means a 275% increase in total inflows for the project, which is a pretty massive change in the pace of the project.

Unsurprisingly, the price of SOL also rose sharply as a result of demand and activity, by 36% over the same period. Taken together, this brought Solana assets under management to $ 97 million, making it the fifth largest investment product on the market.

While Solana is a leader, it is not the only one that has performed excellently. In fact, digital investment products generally saw larger inflows for the fourth straight week. It seems that the demand for altcoins is overwhelming even investors’ appetites for bitcoin products.

One reason for the change in inflows could be the fact that institutional investors recently sold $ 6.3 million of ETH during the recent price drop, dropping the value by 10%.

Of course, some also expected Cardano (ADA / USD) to take the lead as it just rolled out its smart contracts on its mainnet this week. However, the project’s coin hasn’t risen – instead, it has seen inflows drop 46% from the previous week.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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