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.
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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.
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.