Recent developments in the cryptocurrency markets have seen a slight decrease in the price to buy Bitcoin (BTC) as altcoins continue to show strong growth. Many investors see institutions that are investing in cryptocurrency as a strong reason for the continued rise. Namely, an institution supporting this trend is Coinshare, following the statistics recently shared on the 30th August detailing around $24 million invested in altcoin assets. The data was released in the weekly Digital Asset Fund Flows report concluding the month of August.
According to this report, this is the second consecutive week that has recorded an influx of money towards cryptocurrency investments. Value of cryptoasset investments have increased by 14.3%, comparatively the previously reported $21 million. According to recent research papers, decentralised finance (DeFi) products that monitor Ethereum and other altcoins make up 32% of the assets under management.
Ethereum (ETH), is the second largest cryptocurrency though the total market capitalisation metric and hosts a infinitely diverse ecosystem of altcoins, due to these key characteristics are likely major drivers for institutions to buy Ethereum and altcoins hosted on its network. Reportedly, the total weekly investments for Ethereum and ERC20 altcoins were $17.2 million. Aside for Ethereum based assets, institutions also looked to buy Cardano (ADA) and other Cardano-based altcoins, with a weekly summary detailing institutional funds were invested with Cardano-based assets were recorded at over $10 million.
Cardano’s recent smart contract implementation referred to as “Alonzo” increased the amount of investment inflows to Cardano assets. The announcement for the Alonzo updated was shared on September 12th; this Cardano project is purposed with driving the Cardano network forward to try and gain ground on its competitors namely, Solana (SOL) and Ethereum (ETH).
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