In recent developments, Solana (SOL) has been leading the altcoin market in terms of investment inflows1. Digital asset investment funds have seen a record $326 million in net outflows last week, marking the largest single week of inflows since July 2022.
- Solana leads altcoin investment inflow with $15.5 million.
- XRP price has reached a two-month high of $0.5642.
- Bitcoin Spark has introduced Proof of Process to democratize mining
Among these, SOL recorded the highest inflows over the past seven days. This suggests that Solana is currently the most preferred altcoin among investors. Solana’s year-to-date (YTD) inflows suggest it’s the ‘most loved altcoin’ among investors according to CoinShares. Solana has seen steady inflows over the last nine weeks, even as other crypto investment products have faced outflows over a similar period. This indicates a robust and bullish sentiment surrounding Solana.
Meanwhile, the cryptocurrency market is also buzzing with anticipation regarding the approval of a Bitcoin Exchange-Traded Fund (ETF). Bernstein Research, a division of AllianceBernstein, projects that the U.S. Securities and Exchange Commission (SEC) will approve the first spot Bitcoin ETF by January 10, 20245. This prediction follows the SEC’s decision not to contest the Grayscale verdict and its ongoing involvement in ETF application dialogues. The potential approval of a spot Bitcoin ETF product from Wall Street giant BlackRock is likely to draw investors from a predominant asset class. The market has shown optimism about spot Bitcoin ETFs, which has further stimulated digital asset inflows.
In other news, Ripple’s XRP has seen a significant price pump. XRP price surged by 6% in 24 hours as the token traded at $0.58 as of 2:00 a.m. EST8. The XRP price has surged 11% over the month ahead of its recent legal victories that brought more investor confidence in XRP8. The recent resurgence of XRP, which reached a market value of $0.60, marks a significant recovery since its downfall in August, indicating a notable shift in market sentiment8. The current developments in the cryptocurrency market indicate a positive trend for both Solana and Bitcoin. With Solana leading altcoin investment inflows and anticipation building around Bitcoin ETF approval, it will be interesting to see how these dynamics shape the future of these digital assets.