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{"id":6795,"date":"2023-10-10T10:17:40","date_gmt":"2023-10-10T10:17:40","guid":{"rendered":"https:\/\/lunu.io\/news\/?p=6795"},"modified":"2023-10-10T10:17:42","modified_gmt":"2023-10-10T10:17:42","slug":"bitcoin-or-solana-whos-the-new-crypto-king","status":"publish","type":"post","link":"https:\/\/lunu.io\/news\/bitcoin-or-solana-whos-the-new-crypto-king\/","title":{"rendered":"Bitcoin or Solana: Who’s the New Crypto King?"},"content":{"rendered":"\nDigital asset investment products have witnessed a significant uptick in popularity over the past fortnight, following nearly 10 weeks of pronounced declines. Recent reports highlight an upward trajectory in the digital asset fund inflows, registering a substantial $78 million last week. This marks a notable increase, doubling the inflow from the previous week, which stood at a little over $25 million.<\/p>\n\n\n\n
Bitcoin, the pioneering cryptocurrency, has emerged as the primary beneficiary during this period. Data from CoinShares reveals that Bitcoin Digital Asset Funds experienced inflows approximating $43 million in the past week. Despite this, some investors leveraged Bitcoin’s recent price appreciation to augment their short-Bitcoin positions, drawing inflows of $1.2 million.<\/p>\n\n\n\n
Interestingly, this influx was not uniformly distributed across regions. Europe dominated the scene, accounting for a staggering 90% of the inflows. In stark contrast, the combined inflows from the U.S. and Canada amounted to a mere $9 million.<\/p>\n\n\n\n
The recent bi-weekly inflow surge coincided with a 37% spike in trading volume for exchange-traded products, escalating to $1.13 billion. This suggests an overwhelmingly bullish sentiment permeating the digital assets market. However, it’s essential to note that prior to this influx, the market experienced a 10-week dry spell, witnessing an outflow of approximately $450 million.<\/p>\n\n\n\n
The recent launch of six Ethereum-centric ETFs in the U.S. did not meet industry expectations. Despite the palpable anticipation, these ETFs garnered less than $10 million in their inaugural week. This pales in comparison to similar Bitcoin-associated products, which raked in over a billion within a week of their launch.<\/p>\n\n\n\n
From my point of view, Ethereum’s lackluster performance juxtaposed with Solana’s burgeoning popularity – which recorded weekly inflows of $24 million, its highest since March 2022 – suggests a potential paradigm shift within the crypto community. As I see it, Solana might be emerging as the new altcoin darling, potentially overshadowing Ethereum.<\/p>\n\n\n\n
The digital asset market is notoriously volatile, and the recent inflow surge underscores its unpredictable nature. The pronounced interest in Bitcoin, especially from Europe, is a testament to the cryptocurrency’s enduring appeal. However, the tepid response to Ethereum ETFs is puzzling, given the cryptocurrency’s prominence. It raises questions about investor sentiment and market dynamics.<\/p>\n\n\n\n
On the flip side, Solana’s impressive performance offers a glimmer of hope for altcoin enthusiasts. Its robust inflow numbers might be indicative of a broader shift in investor preference. While it’s too early to predict Solana’s trajectory, its current momentum is undeniably promising.<\/p>\n\n\n\n
In conclusion, the digital asset market remains a complex landscape, with myriad factors influencing its ebb and flow. Investors would do well to stay informed, diversify their portfolios, and approach the market with a blend of caution and optimism.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Resurgence in Digital Asset Investments Digital asset investment products have witnessed a significant uptick in popularity over the past fortnight, following nearly 10 weeks of pronounced declines. Recent reports highlight an upward trajectory in the digital asset fund inflows, registering a substantial $78 million last week. This marks a notable increase, doubling the inflow […]<\/p>\n","protected":false},"author":3,"featured_media":6796,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[53,54],"tags":[],"class_list":["post-6795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto"],"_links":{"self":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/6795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/comments?post=6795"}],"version-history":[{"count":1,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/6795\/revisions"}],"predecessor-version":[{"id":6808,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/6795\/revisions\/6808"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/media\/6796"}],"wp:attachment":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/media?parent=6795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/categories?post=6795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/tags?post=6795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}