The cryptocurrency market saw significant growth over the last 7 days as the total market cap of digital assets touched an all-time high of $2.5 trillion. Despite the latest Volatility , cryptocurrency investment products attracted massive institutional investments last week.
According to the weekly digital asset inflows report published by CoinShares, digital asset investment products saw inflows of $373 million last week. The world’s largest cryptocurrency Bitcoin remained the preferred choice of institutional investors with inflows of $290 million last week.
Ethereum-related investment products attracted $60 million last week, which is a jump of nearly $100% compared to approximately $30 million during the last week of April 2021. The total value of Ethereum-related cryptocurrency assets under management reached a record high of $16.5 billion.
“The positive momentum for Ethereum continues with inflows of $60 million last week. New investment product entrants, Cardano and Litecoin got off to a good start with inflows of $6.6 million and $3.6 million, respectively. Overall, cryptocurrency investment products saw inflows totaling $373 million, highlighting a resurgence in demand last week,” CoinShares mentioned in the report.
During the last week of April 2021, Bitcoin attracted nearly $442 million worth of institutional inflows.
Cryptocurrency Market
During the first week of May 2021, the overall market cap of cryptocurrency assets gained nearly $300 billion. Ethereum remained the most popular cryptocurrency among retail and institutional traders as the price of ETH crossed $4,000 for the first time in its history. Additionally, Dogecoin (DOGE), Cardano (ADA) and Bitcoin Cash (BCH) posted strong gains during the last 7 days. The overall market cap of digital currencies took a hit yesterday and dropped by nearly $100 billion in the last 24 hours. As of writing, the total market cap of cryptocurrency assets stands at around $2.4 trillion. Bitcoin is currently trading near $55,000 with a market cap of more than $1.03 trillion. Ethereum is trading above $3,800 with a total market value of over $450 billion. Binance Coin (BNB) is the third-largest cryptocurrency with a market cap of nearly $100 billion.
