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Polkadot, Cardano, Litecoin Attract $6.3 Million Inflows in Epic Market Boom

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Mon, 18/03/2024 - 16:00
Polkadot, Cardano, Litecoin Attract $6.3 Million Inflows in Epic Market Boom
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According to the most recent CoinShares report, major cryptocurrencies Polkadot (DOT), Cardano (ADA) and Litecoin (LTC) have collectively attracted a whopping $6.3 million in inflows amid an epic market boom, signaling renewed investor interest in these digital assets.

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Litecoin attracted $2.3 million in inflows; Cardano and Polkadot drew $1.2 million and $3.1 million, respectively.

The influx of funds into Polkadot, Cardano and Litecoin follows a broader rally in the cryptocurrency market in the past week, with many digital assets recently setting new highs before retreating.

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The positive inflows highlight the growing appeal of these cryptocurrencies as investors seek exposure to assets other than Bitcoin.

According to CoinShares, digital asset investment products had record weekly inflows of $2.9 billion, surpassing the previous week's all-time high of $2.7 billion. This raises year-to-date inflows to $13.2 billion, exceeding the $10.6 billion total inflows for 2021.

On the other hand, smart contract platforms like Ethereum, Solana and Polygon had outflows of $14 million, $2.7 million and $6.8 million, respectively.

Bitcoin had $2.86 billion in inflows last week, accounting for 97% of total inflows year to date.

At the time of writing, Polkadot, Cardano and Litecoin were showing mixed price action as several cryptocurrencies experienced profit-taking on the back of the Bitcoin price drop.

Polkadot (DOT) was up 2.91% in the last 24 hours to $10, Cardano (ADA) is trading at $0.664, down 1.74% in the last 24 hours and Litecoin (LTC) was down 2.71% in the same time frame to $83.06.

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