Altcoin stock price rises with huge investment
Institutional Investors Invest $36 Million in Bitcoin, Ethereum, and One Additional Altcoin stock as Market Volatility Soars.
Institutional investment in crypto assets reached $36 million last week as Russia’s invasion of Ukraine shook global markets. Institutional inflows from the Americas offset the previous week’s European outflows.
“Despite the continued upheaval in Eastern Europe and predicted negative sentiment, digital asset investment products, and altcoin stocks witnessed inflows of US$36 million last week. Interestingly, volumes on Bitcoin cryptocurrency platforms that trade the RUB/USD pair increased by 121 percent week over week.
Regionally, movements have been lopsided, with the Americas (particularly Canada and Brazil) having inflows totaling US$95 million last week, while European investment products experienced outflows totaling US$59 million.” As is customary, the top cryptocurrency by market capitalization, Bitcoin (BTC), received the lion’s share of inflows, followed by Ethereum, the second-ranking cryptocurrency by market capitalization (ETH).
“Bitcoin received inflows totaling US$17 million last week, bringing the total to US$239 million for the fifth straight week. Ethereum experienced a little inflow of US$4.2 million.”
Contrary to recent inflow trends, Solana (SOL) and Litecoin (LTC), along with most of the altcoin market, experienced outflows this week. Only the up-and-coming smart contract platform Tezos (XTZ) defied the outflowing altcoin marketplaces.
“Unusually, the majority of cryptocurrencies experienced slight outflows last week. With withdrawals reaching US$2.6 million and US$0.5 million, respectively, Solana and Litecoin were the principal targets of negative investor sentiment.
Tezos was the sole altcoin investment product to net inflows of US$4.4 million.
Tezos is an open-source, community-governed blockchain network that enables the execution of sophisticated smart contracts for asset settlement and decentralized apps (dApps) that benefit from censorship resistance, decentralization, and user control.
Tezos can be upgraded without requiring a hard fork using an in-protocol modification mechanism. Boosting in this manner speeds innovation minimizes the possibility of contentious splits and long-term coordination of stakeholders within the Tezos ecosystem.