Solana (SOL) has recently dominated the market in terms of price and adoption. Most of the month saw Solana claim multiple positions in the top 10 cryptos by market cap. Altcoin has performed extremely well in terms of price. Get rid of every crash with ease. Then, he established several historic highs in the span of a week. Its market cap grew so much that it beat top coins like Dogecoin and Ripple (XRP) to claim 6th place.
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With its growing popularity comes increased interest in the project. A direct competitor to Ethereum, the network has seen huge success with users looking for an alternative to the best smart contract platform. Institutional and individual investments have increasingly focused on digital assets. Solana has taken a larger share of the investments that come in every week. And this week, the digital asset officially recorded the biggest chunk, with the majority of investment entering the crypto space focusing on Solana.
Majority of investments flow into Solana
A weekly CoinShares report describes weekly crypto investments. The previous week there were entries of $ 57 million in the crypto market. Down almost 50% from $ 98 million the previous week. Solana represented 13% of the previous week’s collection. But this week, the digital asset has taken the largest market share from the crypto market.
Solana trading north of $150 | Source: SOLUSD on TradingView.com
Of the $ 57 million in market entries, Solana (SOL) entries accounted for $ 50 million. Which gives it an 87% share of all inflows seen in the market. Solana outperformed all other digital assets in the top 10 by 34%. Resist the price crash that most of the market suffered last week.
With current price ranges and increasing inflows from week to week, Solana now ranks 5th among assets under management. Currently totaling $ 97 million in assets under management for Solana.
Bitcoin and Ethereum suffer from weekly lows
As Solana surged, other prominent coins saw lows in the past week. Entries into top coins like Bitcoin have slowed at a breakneck pace. With Ethereum registering more exits than entries over the past week. Bitcoin registered a measly $ 0.2 million in entries and Ethereum actually saw exits totaling $ 6.3 million over the past week.
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The report also showed that investors always diversify their investments. The influx patterns show that investors are also investing money in altcoins. Cardano saw a weekly inflow of $ 3.5 million, Ripple was $ 3.2 million, and Polkadot’s investments totaled $ 1.7 million. Multi-asset diversifications recorded inflows of $ 3.5 million in the past week.
Featured image from Bitcoin News, chart from TradingView.com