The combined total trading volume for the cryptocurrency industry in the last 24 hours has surpassed $100 billion, marking an increase of 63.07% over the last day.
At the time of writing, the market valuation stands at $2.12 trillion, showing an increase of 4.75% every month.
A bullish trend like this results from massive institutional inflow across the digital asset industry, and Bitcoin appears to gain the most, with a whopping $97.8 million more than others, which is not surprising because it has been expected to move higher.
By far, Bitcoin, by far, has had a rather impressive couple of weeks regardless of the periodic price fluctuation that the entire market has to contend with as the BTC continues to push further in its determination to reach greater heights after its all-time high, which last happened in May 2021.
A Magnificent Rise
The past three months have seen an increase in institutional investments into the cryptocurrency space, which seems higher than ever before. A sudden rise was recorded compared to last week’s outflows of $47 million, signaling the market’s recovery from price fluctuations.
According to the recent CoinShares report on the performance of digital assets, investment products recorded huge inflows of $193 million the previous week. This, therefore, is the highest inflows recorded since last years’ event.
An impressive investment showing like this also happened in December, when an inflow of $184 million was realized in the same period.
However, from the geographical distribution of the inflows, Europe contributes the bulk of investments, with 76% of inflows totaling $147 million. The Americas followed at a distance with $45 million and a combination of small inflows from others.
The total inflows aggregate all the inflows recorded from different geographic locations and the corresponding transactions taken in the same period under consideration.
Bitcoin In The Drivers’ Seat
As the largest cryptocurrency in the market by value, Bitcoin is living up to its name. Last week, the pioneer cryptocurrency led the pack with $98 million in inflows.
Ethereum, as the second-largest crypto, had a modest rise of $10.2 million in inflows the previous week. However, Solana has outpaced Ethereum as it records a significant increase in a single week of transactions that amounts to $87 million, a 36% jump in value.
Moreover, on March 23, Solana recorded a low inflow of just $0.7 million and has performed poorly compared to other tokens. But last week gave Solana the chance to stop the price fluctuation it has suffered previously. The gain, no doubt, has boosted Solana’s market performance recently.
Digital asset investment products like ADA, DOT, and ATOM enjoyed significant inflows in the past week. The total value accrued to these altcoins is $1.8 million, $1.2 million, and $0.8 million, respectively.
Notwithstanding, the crypto market has yet to reach its peak as envisioned by leading experts. Still, such an impressive feat recorded recently is a sure way to be optimistic again about what is to come.