With over $150 million crypto investments last week, investors seemingly unfazed by price correction

Despite the recent correction in the prices of cryptocurrencies, including Bitcoin, crypto investors have continued to support them for the past week. In fact, investments in digital assets rose slightly from $ 151 million during the second week of November to $ 154 million last week “with the most recent price correction, where Bitcoin prices fell 12 percent during the week, seemingly without affecting positive investor sentiment, ”according to data from digital asset management firm CoinShares weekly report on digital asset fund flows.

According to CoinGecko, Bitcoin had dropped more than 12 percent in the past seven days along with all major altcoins, including Ethereum (10.4 percent), Binance Coin (11.6 percent), Solana (10.3 percent). percent), Cardano (12.2 percent). , XRP (12 percent), Polkadot (13.5 percent), Dogecoin (15.3 percent), while Avalanche had reported a 39 percent increase in price, as of this writing.

“Volatility is part of any market, but informed investors support a particular currency when they understand what the utility of the project is and the technology behind it. Also, it is good to see that more and more people are realizing that cryptocurrencies are the future and that is the reason why we are seeing increased share in the cryptocurrency market, ”said Kumar Gaurav, founder and CEO. from Cashaa to Financial Express Online.

Read also: Amid the global cryptocurrency crash, this altcoin jumped over 50% in mcap to overtake Shiba Inu

Bitcoin continued to witness the majority of entries last week for a total of $ 114 million compared to $ 98 million the previous week. This has helped it retain its 67 percent asset under management (AuM) share over the last month among investment products. Although this was not reflected in market prices, Bitcoin fell 4 percent during the month compared to Ethereum which jumped 14 percent during the same period. This disparity, CoinShares said, may be due to ETFs recently launched in the US, where investment products saw 90 percent of inflows.

Altcoin entries last week were led by Ethereum with $ 12.6 million, followed by $ 8.5 million at Solana, $ 5 million at Polkadot, and others. "Inflows to global IT assets suggest investors favor Solana," the report noted. Solana posted inflows of $ 43 million over the past month versus Cardano at $ 23 million. Few altcoins, including Cardano, had reported minor outlaws for the first time in many months. Last week's outflows for Cardano stood at $ 2.1 million.

“The speed, efficiency and profitability that (Solana) offers seems to be gaining favor with investors. The recent fundraiser he did last month has given him even more momentum. There are a couple of positives it has over other competing platforms: it works on proof of history versus proof of stake, scalability, among other reasons. Their fee is much lower than Ethereum, which is the largest exchange, and that is a huge advantage, ”Gaurav added.

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