Solana (SOL) has dominated the market lately in terms of price and acceptance. For the better part of a month, Solana has claimed multiple positions in the top 10 cryptos by market capitalization. The altcoin has done tremendously well in terms of price. Shake off any crash with ease. Then several all-time highs are reached within a week. Its market capitalization has grown so much that it has beaten top coins like Dogecoin and Ripple (XRP) to take sixth place.
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Its growing popularity has come with an increasing interest in the project. As a direct competitor to Ethereum, the network has had tremendous success in finding an alternative to the top smart contract platform. Both institutional and individual investments have increasingly focused on the digital asset. Solana has taken on a larger proportion of the investments that come in each week. And this week, the digital asset officially recorded the highest percentage, with most of the investments in the crypto space centered on Solana.
Majority of the investments go into Solana
A weekly report from CoinShares outlines the investments that flow into crypto on a weekly basis. The previous week there were inflows of $ 57 million into the crypto market. Almost 50% less than the previous week’s $ 98 million. Solana accounted for 13% of the previous week’s inflows. But this week, the digital asset has taken the largest share of the crypto market.
Solana trades north of $ 150 | Source: SOLUSD on TradingView.com
Of the $ 57 million in inflows that came into the market, Solana (SOL) accounted for $ 50 million. It thus has a share of 87% of all inflows recorded on the market. Solana outperformed all other digital assets in the top 10 by 34%. Resistance to the price crash most of the market has suffered over the past week.
With current price ranges and inflows rising week by week, Solana now has the fifth largest position in assets under management. Solana currently manages $ 97 million in assets.
Bitcoin and Ethereum suffer weekly lows
While Solana is up, other top coins have seen lows in the past week. The inflows into top coins like Bitcoin slowed to a creep. Ethereum has seen more outflows than inflows over the past week. Bitcoin saw measly inflows of $ 0.2 million and Ethereum actually saw outflows of $ 6.3 million last week.
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The report also showed that investors are still diversifying their investments. Inflow patterns show that investors are also putting money into altcoins. Cardano saw a weekly inflow of $ 3.5 million, Ripple was $ 3.2 million, and Polkadot’s investments were $ 1.7 million. Multi-asset diversifications saw $ 3.5 million in inflows over the past week.
Featured image from Bitcoin News, chart from TradingView.com