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CoinShares latest report shows Solana as the top-performing digital coins within the altcoin market. It reveals that SOL recorded the highest inflows over the past seven days.

Coinshares: Digital asset investment products saw inflows for the 4th consecutive week totalling US$66m. Total AuM has now risen to US$33bn.

Solana saw a further US$15.5m inflows last week, bringing year-to-date inflows to US$74m, making it the most popular altcoin this year so…

Solana’s 2023 inflows have grown to $74 million after the coin added $15.4 million to the figure over the past day. That makes Solana the most popular alt year-to-date. Meanwhile, the token’s performance attracted many, considering the project’s ties with the now-bankrupt FTX exchange.

Also, Solana has showcased significant moves lately, painting its price charts green. It surged more than 50% within the past month, 30% in the last seven days, and 4% since yesterday.

Also, it outshined Bitcoin this year, with SOL up over 200%, whereas the dominant crypto by value has gained 80% in 2023.

Solana exhibits a bright future. The altcoin has seen consistent inflows within the past few weeks, confirming investor faith in the project. Furthermore, the altcoin attracts funds despite worries surrounding FTX.

The community fears that United States court might allow the insolvent exchange to liquidate SOL tokens worth millions. Market players seem confident despite such narratives, solidifying the coin’s status.

Nevertheless, Solana enthusiasts should follow the overall market’s developments to determine the altcoin’s potential direction. Cryptocurrencies are currently mimicking BTC’s movements. The bellwether crypto exhibits a bullish outlook as various developments indicate continued surges.

The #Bitcoin halving event is just 170 days out.

The introduction of the first Bitcoin Spot ETF is probably happening in under 60 days.

This suggests an increase in demand alongside a decrease in supply.

You do the math.

First and foremost, the market expects the United States SEC to approve spot BTC exchange-traded funds. That would attract massive inflows into the crypto sector, translating to significant price surges.

Also, the upcoming Bitcoin halving is less than 170 days away. Further, the Federal Reserve might boost risk assets by pausing interest rates.

Bitcoin’s bullish rally will see altcoins, including Solana, following suit. That will likely see SOL skyrocketing to hit the crucial $40 before extending upwards.

The post Solana dominates the altcoin market despite FTX-linked woes: CoinShares report appeared first on Invezz.

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