2022 may just be looking up seeing that the cryptocurrency market reached its largest weekly inflows for the year. Overall, the market recorded inflows worth $193 million for the week ending March 25, with Bitcoin and Solana hailed as the biggest gainers.
Surprisingly, the European market saw more than triple the inflows recorded by American investors. The former registered $147 million inflows compared to the latter’s $45 million, CoinShares weekly asset flows report revealed Monday.
In terms of individual coins, Bitcoin was the best performing crypto asset last week with total investments summing up to $98 million. The currency also performed well value-wise after gaining more than 12% from last week. At the time of writing, Bitcoin was trading at $47,929 with a 24-hour price change of 1.61%.
Solana was the next best-performing cryptocurrency, recording inflows worth $87 million and representing 36% of AuM. “AuM now sits at US$241m, making it the 5th largest investment product and the largest single altcoin other than Ethereum,” the report stated.
Solana did not disappoint price action-wise as well. The Ethereum-challenger was up by more than 4.12% from yesterday’s level and more than 25% from last week, trading at $114.26 at press time.
While not as much as Solana, Ethereum also recorded inflows worth $10.2 million for the week ending Friday. In addition, Cardano and Polkadot posted decent inflows of $1.8 million and $1.2 million, respectively.