According to the weekly digital asset review by CoinShares, the crypto market has witnessed a major inflow hit in the trading of leading cryptocurrencies, such as Bitcoin and Ethereum, which have doubled in the first quarter of 2021.
The weekly Crypto Asset Flow graph by CoinShares has presented Bitcoin and Ethereum at the top of the list. With nearly $3.9 billion investment in just the last quarter of 2020 and $4.2 billion investment is recorded to date, CoinShares’s data has again reflected institutional traders’ interest in cryptocurrency.
The data provided by CoinShares shows a massive trend amongst investors for Ethereum trading. This investment is expected to surge up to $55.8 billion after taking a jump from last year’s investment of $37.6 billion.
Ethereum, the second-largest cryptocurrency of today’s world, is achieving a market capitalization of $100 million. The total inflow of Ethereum in this week alone has been marked to be $6.7 billion. The weekly graph issued by CoinShares displayed consistent growth in the market of Ethereum, especially in the last week of February 2021.
Investment strategist James Butterfill told the press that the investors are more mindful about their investments this year, considering the price of Bitcoin is touching new heights. This statement was published right after the largest digital currency manager in the world, Grayscale, revealed Bitcoin assets decreased by around $24 billion, down from $28.2 billion in just one year. This price instability of 0.5% has created a major opening for the investment, says Janet Yellen, the Secretary of US Treasury.
The slight set down in BTC exchange seems to be picking up this past week due to the steady demand increase since November 2020. Bitcoin, as the mainstream cryptocurrency, along with Ethereum, has achieved a new range volume of $12.3 billion per day in 2021, from $2.2 billion in 2020. The jump is mainly due to Tesla’s investment of $1.5 billion in BTC.
Currently, the crypto market has shown signs of recovery, and the majority of the coins are showing a positive trend. Bitcoin is currently trading at $58,503 after an increase of 6.2% in the past 24-hours, while Ethereum, the second-largest cryptocurrency by market cap, is up 2.80% in the previous 24-hours.