фото показано с : invezz.com

Avalanche (AVAX/USD) has not been performing well during the past 24 hours, with the price dip coinciding with a decline across the broader cryptocurrency market. The dip comes despite a report that millions of dollars flowed into Avalanche investment products.

The report was published by Coinshares, saying that Avalanche investment products had recorded an inflow of $25 million for the week ended February 21. Coinshares is an institutional fund manager for cryptocurrencies.

According to Coinshares, this was the second-largest inflow recorded within the period after the $89 million inflow into Bitcoin. In general, Avalanche and other related investment vehicles recorded a total inflow of $109 million, making it the fifth consecutive week these investments recorded growth.

On the other hand, Ethereum has not recorded similar growth levels. Ether recorded outflows of $15 million during the same week. Avalanche is one of Ethereum’s competitors, with the network believed to offer lower transaction fees and faster network speeds.

In the report, CoinShares also resounded a warning to investors. The firm said that the inflows into Avalanche-related investment vehicles should not be considered a sign that the altcoin will surge, saying that the “broader appetite for the altcoin” could still be low. However, AVAX took a turn immediately after the report with an over 20% gain, but this was quickly erased in the following hours.

Avalanche has failed to maintain an uptrend, and instead, it has dipped like the rest of the broader cryptocurrency market. The global cryptocurrency market cap has declined by around 9.6% during the past 24 hours to reach $1.6 trillion. The markets tumbled after the President of the Russian Federation, Vladimir Putin, announced a special military operation into Ukraine, causing anxiety in both crypto and traditional financial markets.

Avalanche has not been spared from this dip, and it has dropped by around 15.6% during the past 24 hours. The token is trading at around $65.61 after falling from a seven-day high of $82.10. AVAX’s market cap currently stands at around $16.3 billion, making it the eleventh largest cryptocurrency by this metric.

The post $25 million flows into Avalanche (AVAX) investment vehicles appeared first on Invezz.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

174 +