Early in the morning the crypto market showed a positive movement although crypto investors were advised not to get too excited as it could be that the bearish phase is not over yet.
Based on observations from Coinshares, stock market investors are back showing interest in digital asset funds, with record inflows hitting the $ 74 million level in crypto investment products.
Here's a summary of what happened, leading to the rise of the market:
Bitcoin (BTC) recorded a net outflow of $ 4 million.
The altcoin, Cardano (ADA), XRP, and Polkadot (DOT) markets each recorded inflows of over $ 3 million, indicating investors are interested in Proof of Stake (PoS) coins.
Ethereum (ETH), the winner of this race, saw an inflow of $ 47 million, making this asset product dominate the market by up to 27%.
This morning’s price spike was probably driven in part by a research report from the University of Pennsylvania’s academic and financial institution, Goldman Sachs.
Last week, the two institutions wrote a study focusing on Ethereum as a store of value because of its inherent importance to the DeFi ecosystem.
Through project dumping, starting with the launch of layer two scaling solutions, Arbitrum and EIP-1559 for the purpose of reducing rising gas costs, including the transition to a consensus PoS model, it’s no wonder why Ethereum is being targeted!
At the time of writing, within 24 hours each recorded a value:
BTC: $ 37,234 (up over 2%)
ETH: $ 2,683 (up over 2%)
XRP: $ 1.01 (up over 1%)
ADA: $ 1.73 (down over 2%)
DOT: $ 26.18 (almost 10%increase)
