Connect with us

Uncategorized

Solana (SOL) outperformed top 10 cryptos with $50 million in institutional inflows last week

Published

on

Bitcoin and Ethereum, the two largest crypto assets by market cap, at varying times have enjoyed a high level of patronage from institutional investors around the world. However, according to a recent report by CoinShares, the latest crypto asset to be enjoying an influx of institutional investors is Solana.

SOL dominates crypto inflow

Per available data, SOL saw over 80 percent of the total weekly inflows of crypto investment products. The data continued that all inflows into crypto investment products for the period under consideration were $57 million, with Solana seeing $49.4 million of the inflows.

“During last week’s price falls Solana’s price was a stalwart, outperforming a basket of the top 10 digital assets by 34%, having risen 24% week-on-week. This was reflected with inflows, dwarfing any other digital asset, totaling almost $50 million. A combination of price appreciation and inflows now brings Solana’s assets under management (AUM) to US$97m, the 5th largest of all investment products,” the report reads in part.

Another interesting part of the report reads that the crypto space has seen more inflows in recent weeks. According to CoinShares, the two largest crypto assets have however been performing below expectations within the period. The report stated that BTC inflow for the week stood at only around $200,000 while ETH saw an outflow of over $6 million as institutional investors decided to cash in on the decline of its value.

For other altcoins, they have enjoyed growth as this class of investors continues to look for means to diversify their portfolios. “The trend of diversification remains intact amongst investors, with inflows into Cardano, multi-asset, XRP, and Polkadot totaling US$3.5m, $3.2 million, $3.1 million, and $1.7 million respectively,” the report added.

Solana growth continues

Solana has enjoyed tremendous growth this year with its value growing by over 10,000 percent. If an investor had invested as little as $100 on the asset, he would have $13,800 presently.

Its growth can be seen in its rise above other digital assets like XRP, Dogecoin, and others in the market capitalization ranking. Presently, it is the 7th largest digital asset by market cap according to available data from CoinMarketCap.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://cryptoslate.com/solana-sol-outperforms-top-10-cryptos-sees-50-million-in-inflows/

Blockchain

DraftKings Doubles Down, Partners With Polygon

Published

on

Yes, it was just a few short months ago that DraftKings launched the ‘DraftKings Marketplace‘ in partnership with Autograph.io. In that short time, we’ve seen the sports gambling powerhouse churn out some successful NFT releases with the likes of Tiger Woods, Simone Biles, Tom Brady, and more.

Now, DraftKings is doubling down on crypto, this time pairing up with Polygon for some versatility and support in secondary-market transactions.

DraftKings & Polygon: A Prime Pair

Scalability and sustainability are two traits that Paul Liberman, co-founder and president of global product and technology at DraftKings, cited as “critical challenges of blockchain technology” that Polygon was able to address to meet DraftKings’ needs. According to the press release, the company will also have an option to potentially contribute to Polygon’s governance protocol and keep the network secure as a validator node with its own stake pool.

Polygon will hone in on custom NFT drops and secondary-market transactions.

The marketplace is available for millions of DraftKings’ users, and the platform is currently working towards transferability of NFTs to decentralized wallets via Ethereum mainnet. Meanwhile, Polygon has continued to show investment in NFTs, gaming, and corresponding areas. Existing partners for Polygon include the likes of Atari, ZED RUN, Decentraland, The Sandbox, and more.

“Although DraftKings Marketplace is still in it’s nascency, we are bullish on the possibilities that blockchain, NFTs, cryptocurrency and more will present as we prepare for Web 3.0 alongside Polygon and the new innovations ahead for digital collectibles,” added Liberman. A refreshing take from brand executives that shows the immense potential ahead for crypto in online gaming and gambling.

Polygon continues to solidify partners to build further investment in gaming and NFTs. | Source: $MATIC on TradingView.com

Related Reading | Crypto Scammers Take Over Dating Apps Users’ iPhones

Gaming, Gambling & Crypto

The emergence of young industries stateside, such as sports gambling and cannabis, are prime contenders for crypto integration – and this move for DraftKings is a prime example. They are also industries that are on the rise throughout the US in particular.

Reports emerged this week that New Jersey was the first state to hit a $1B month of bets last month. The first online sports betting entrant in the state was none other than DraftKings, who partnered with Resorts Digital; that partnership yielded nearly $42M last month, leading the online-only handle in the state.

All that to say that DraftKings is one of the largest players in the game, publicly traded with a valuation north of $20B.

Many platforms are targeting the crossover of gambling, gaming and crypto. Polymarket, for example, describes itself as an “information markets platform” that runs on Ethereum, where users can place bets on sports and current events.

Related Reading | Who Funds Bitcoin Core Developers? Here Are The Facts

Featured image from Pexels, Charts from TradingView.com

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://bitcoinist.com/draftkings-doubles-down-partners-with-polygon/?utm_source=rss&utm_medium=rss&utm_campaign=draftkings-doubles-down-partners-with-polygon

Continue Reading

Blockchain

Anthony Scaramucci Sees Bright Future as First US Bitcoin Futures ETF Makes NYSE Debut Following Positive Nod from S.E.C.

Published

on

In Tuesday morning trading, the ProShares Bitcoin Strategy ETF (NYSE: BITO) made its debut, marking a monumental occasion in the developing story of cryptocurrency regulation. The fund, which tracks CME bitcoin futures, or contracts speculating on the future prices of bitcoin, rose by roughly 3% early in the session and continues to hold those gains at time of publishing.

The crypto sector as a whole has pursued a bitcoin-focused ETF for years now, with asset managers submitting proposals for spot bitcoin ETFs as early as 2017. To date, however, the U.S. Securities and Exchange Commission had consistently rejected these proposals, maintaining the stance that none of the applications were able to prove market resistance to manipulation.

While the ProShares Bitcoin Strategy ETF falls short of the spot bitcoin ETF that many in the industry hope is on the horizon, experts agree that Tuesday’s opening stands as a turning point in the regulatory approach of the SEC.

“Remember, there’s a difference between the cash ETF, obviously, and the ETF that everybody’s talking about right now. I have a preference for the cash ETF, but I love the fact that the SEC is allowing for the futures ETF,” Anthony Scaramucci, founder and managing partner of SkyBridge Capital, told CryptoCurrencyWire in an exclusive. “It’s just a sign that they’ve decided that they know the blockchain is going to be a very big component of the future of the financial services industry. I take this as a monumental decision…to allow the United States to stay the leader in financial services globally. I think it’s a very positive sign.”

To stay up to date on the latest cryptocurrency news, signup for the CryptoCurrencyWire newsletter at www.CryptoCurrencyWire.com and for more on SkyBridge Capital & First Trust Skybridge Bitcoin Fund L.P. visit www.SkyBridgeBitcoin.com.

About CryptoCurrencyWire (“CCW”)

CryptoCurrencyWire (CCW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with CCW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled visibility, recognition and brand awareness.

To receive instant SMS alerts, text CRYPTO to 77948 (U.S. Mobile Phones Only)

CryptoCurrencyNewsWire is where News, content and information converge via Crypto.

For more information, please visit https://www.CryptoCurrencyWire.com

Please see full terms of use and disclaimers on the CryptoCurrencyWire (CCW) website applicable to all content provided by CCW, wherever published or re-published: http://CCW.fm/Disclaimer

CryptoCurrencyWire (CCW)
New York, New York
www.CryptoCurrencyWire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com

CryptoCurrencyWire is part of the InvestorBrandNetwork.

Continue Reading

Blockchain

Traders Start Longing Cardano ($ADA) Over Other Altcoins, Here’s Why

Published

on

Cardano ($ADA), the fourth-largest cryptocurrency by market cap seems to have lost market momentum post its Alonzo upgrade in September. The smart contract integration was seen as a key catalyst to its price as $ADA rose to a new all-time high of $3.10 in the run-up to the upgrade. Even though the upgrade made Cardano a Defi and NFT hub, its price hasn’t made much progress since then.

$ADA is currently trading at $2.13 with a 1% loss over the last 24-hours, the altcoin price has fluctuated in the range of $2.10-$2.70 since September. At present Bitcoin is leading the market rally with eyes set of new ATH, while altcoins seem to be in a consolidation phase.  Historically, the real altcoin bull run begins when the $BTC market tops as seen in April-May when the majority of the altcoins hit new ATH.

Cardano
Source: TradingView

The market sentiment towards altcoins looks stable at present, but recent data from Santiment indicate an unusual rise in interest of traders for $ADA, something that was seen during the Alonzo hardfork.

Can Cardano Make a Turn-Around?

Cardano’s social media mentions went through the roof during the Alonzo upgrade, but the hype died down with the successful completion of the upgrade. Many critics believe the September high was the top for the altcoin, however, new data shows traders on Binance is longing $ADA more than other altcoins showing a bullish sentiment in the making.

Cardano
Source: Santiment

The sharp rise in long position is often followed by a bullish price rally for the altcoin and if the trader’s interest continues to mount, it could build a bullish momentum strong enough to help it record new ATHs.

The altcoin had quite a phenomenal year until now having broken into top-3 crypto rankings and currently sitting at third. $ADA with its new decentralized ecosystem is expected to become the go-to option for Defi and NFTs due to the scalability and security that Cardano offers.

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://coingape.com/traders-start-longing-cardano-ada-over-other-altcoins-heres-why/

Continue Reading
Blockchain5 days ago

250,000 traders sign petition to add Shiba Inu (SHIB) on Robinhood

Blockchain5 days ago

APENFT Foundation’s Announcement on Adjusting the APENFT(NFT) Airdrop Strategy

Blockchain5 days ago

Paano Bumili at Magbenta ng CELO at cUSD sa mga Lokal na Exchanges sa Pilipinas

Blockchain4 days ago

Roman Holiday by Mucciaccia Gallery

Blockchain4 days ago

Sotheby’s showcases Paris Hilton and Pransky in new NFT platform

Blockchain4 days ago

Traders need to factor in these aspects when it comes to Solana’s price trajectory

Blockchain5 days ago

Possibilities Of Making Profits On Crypto Risk

Blockchain4 days ago

Steam Bans Games Which Include Crypto & NFTs, Whilst Epic Games ‘Welcomes’ Them

Blockchain4 days ago

‘Ethereum Killer’ Polkadot Is Inching Its Way To The Top As It Gains 20% Over The Week

Blockchain5 days ago

Stripe Might Be Getting Back Into Cryptocurrencies After Dropping Bitcoin

Uncategorized2 days ago

How to Get Lucky Online for St. Patrick’s Day

Blockchain2 days ago

New York’s AG Stays Busy, Two Crypto Platforms Shutdown Others Under Investigation

Blockchain2 days ago

Blockchain News Roundup: Coinbase is Launching a Marketplace For NFTs

Blockchain2 days ago

NY AG directs 2 crypto firms to shut down, investigates 3 others

Blockchain2 days ago

How Astra’s Decentralized Compliance Layer Fills a Legal Protection Gap

Blockchain2 days ago

This Ethereum price chart pattern suggests ETH can reach $6.5K in Q4

Blockchain2 days ago

New York joins crackdown on crypto lending, seemingly targeting Nexo and Celsius

Blockchain4 days ago

Over 160 projects will launch on Terra (LUNA) early next year

Blockchain2 days ago

Dogecoin (DOGE) Correction Looks Complete, Shows Signs of Long-Term Upward Movement

Blockchain4 days ago

The Fragility of Passive Crypto Income Models, and How To Make Them Work

Trending