The crypto market has displayed some new-found strength this week, with several altcoins emerging as top gainers over the last day's price movement.
In particular, this is what the crypto market looks like today:
However, our main focus in this article will be on three cryptocurrencies that have not only emerged as top gainers but have proven themselves as top picks among institutional investors.
These cryptocurrencies are Solana (SOL), XRP, and Cardano (ADA).
All of these cryptocurrencies have collectively gathered a whopping $59 million over the last week from these investors and have solidified their positions as top picks among institutions.
Let's see what this means
According to CoinMarketCap, Solana is up by 5% over the last day, and by 8.9% over the last week.
However, According to a new report from Coinshares, this cryptocurrency is also a top choice among institutional investors.
Coinshares' report shows that Solana brought in $3.7 million from institutional investors over the last week, $27.6 million over the last month, and $59 million so far, throughout the year.
In the charts, we can see that Solana is on a bullish streak, and is on its way to breaking $25 soon.
Solana is also bound to make another real attempt at $30,000 soon.
XRP doesn't look much like it, but this cryptocurrency is proving its mettle in the crypto market.
XRP has now recorded 25 consecutive weeks of positive inflows from institutions so far. This shows that investors are confident in XRP's long-term potential (despite its legal challenges, and are betting that its price is going to improve very soon).
According to Coinshares, investors have poured $400,000 into Solana over the last week, the same $400,000 over the last month, and about $15 million through the year.
In the chart, XRP is facing a few volatility issues at the moment. However, hopes of a price rally to its July high of $0.94 remain alive as shown in the chart above.
Cardano is another cryptocurrency that has been gaining attention from institutional investors so far.
Coinshares reports that Cardano has had about $6 million worth of inflows this year.
Cardano was one of the worst hit cryptocurrencies so far, in the 2022/2023 bear market.
Cardano is facing a volatility crisis in the charts as well and is facing a possible drop to $0.22.
However, if the $0.25 zone holds, we may see a possible rally to $0.38 very soon.
There are several reasons why institutional investors may be interested in these three altcoins.
To begin with, they offer several advantages over Bitcoin, including faster transaction speeds, lower fees, and greater scalability
Other than that, they are all backed by strong teams and have a clear vision for the future (not that Bitcoin does not).
To crown all the reasons, a new bull market is on its way. These institutional investors may only be stocking up on the cryptocurrencies they deem the most promising.
Overall, the growing institutional interest in these cryptocurrencies shows that institutions are becoming more comfortable with cryptocurrencies, and are beginning to see them as possible investment options.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.