Bitcoin Continues to Attract Major Inflows While Ethereum Experiences Decline

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Recent data from an established digital asset investment company in Europe provides us with insight into the changing dynamics of cryptocurrency investment flows. Over the past week alone, $48 million was added into various digital asset investment products; part of a bigger picture which interweaves global economic trends with investor behavior.

James Butterfill, an influential research analyst, noted a notable swing during the week. At first there was an infusion of nearly $1 billion into digital assets; however, later economic updates and policy minutes from the US Federal Reserve caused investors to back away and pull nearly $940 million out.

Butterfill explained, “The stronger-than-anticipated US economic performance and an increasingly aggressive Federal Reserve have caused a reappraisal, ending post-election optimism and macroeconomic indicators are once more becoming decisive in setting asset prices.”

Bitcoin Stands Out Despite Ethereum’s Struggles

Bitcoin continued its impressive performance throughout 2018 by receiving $214 million in investment inflows last week, even amid later withdrawals; even without considering further withdrawals, its total inflows totalled $799 million, reflecting its allure among investors navigating a highly unpredictable digital asset market. Conversely, Ethereum experienced significant withdrawals attributed more generally to tech industry selloff than issues specific to their network.

Solana demonstrated its resilience by drawing $15 million, showing strong investor faith in alternative coins despite wider market challenges. Aave, Stellar and Polkadot all also reported positive inflows, signalling an increasingly diverse investment approach within cryptospace.

XRP stands out with an astounding $41 million inflow, driven largely by political and legal momentum. According to Butterfill, this “reflects growing optimism surrounding the approaching SEC appeal deadline”.

Current State of the Global Crypto Market

Recent events within the crypto market have not boded well, witnessing a significant decrease in market capitalization of nearly $400 million and falling from $3.662 trillion to $3.283 trillion, signalling bearish sentiment with Bitcoin experiencing a 3.9% decrease to an approximate trading price of $90,704.

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