Solana (SOL) has dominated the market recently in terms of price and adoption. The better part of a month has seen Solana claim multiple positions in the top 10 cryptos by market cap. The altcoin has done tremendously well in terms of price. Shaking off every crash with ease. Then going on to set multiple all-time highs in the space of a week. Its market cap has grown so much that it has beaten out top coins like Dogecoin and Ripple (XRP) to claim the 6th spot.
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Its growing popularity has come with increased interest in the project. A direct competitor to Ethereum, the network has recorded tremendous success with users searching for an alternative to the top smart contracts platform. Both institutional and individual investment has increasingly focused on the digital asset. Solana has taken a bigger share of the investments coming in every week. And this week, the digital asset officially recorded the highest chunk, with the majority of investments coming into the crypto space focused on Solana.
Majority Of Investments Flowing Into Solana
A weekly report from CoinShares outlines the investments flowing into crypto on a weekly basis. The previous week saw inflows of $57 million in the crypto market. Down almost 50% from the previous week’s $98 million. Solana made up 13% of the previous week’s inflows. But this week has seen the digital asset taking the most market share from the crypto market.
Solana trading north of $150 | Source: SOLUSD on TradingView.com
Of the $57 million in inflows that came into the market, Solana (SOL) inflows accounted for $50 million. Giving it an 87% share of all of the inflows seen in the market. Solana has outperformed all other digital assets in the top 10 by 34%. Resisting the price crash that most of the market suffered in the last week.
With current price ranges and inflows increasing week on week, Solana now boasts the 5th largest position of assets under management. Currently totaling $97 million in assets under management for Solana.
Bitcoin And Ethereum Suffer Weekly Lows
While Solana has surged, other top coins have seen lows the past week. Inflows into top coins like Bitcoin slowed to a crawl. With Ethereum recording more outflows than inflows in the past week. Bitcoin recorded a measly $0.2 million of inflows and Ethereum actually saw outflows adding up to $6.3 million in the past 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 recorded a weekly inflow of $3.5 million, Ripple was at $3.2 million, and Polkadot investments totaled $1.7 million. Multi-asset diversifications saw $3.5 million worth of inflows in the past week.
Featured image from Bitcoin News, chart from TradingView.com