Cryptocurrencies Post 8 Weeks Running of Cash Inflow
#cryptocurrencies #cash #bitcoin
Cryptocurrency products and funds attracted $226.2-M in investments last wk, marking their 8th straight week of inflows, a report from digital asset manager CoinShares showed Tuesday.
Over an eight-week run, total crypto product inflows hit $638-M, with a YTD total of $6.3-B.
Bitcoin led the way with $225-M, for a 4th straight wk of inflows, according to data in the wk ended 8 October.
Bitcoin soared to a 5-month high of just under $58,000 Monday, boosted by persistent institutional demand as it gains legitimacy among investors.
Wednesday, the world's largest cryptocurrency in terms of market value was last down 3.91% at $54,733.55.
Since a low of $28,600 marked in June, bitcoin has gained about 82% of its value.
Ethereum saw minor outflows totaling $14-M, data showed, as it continues to lose market share to bitcoin.
Other altcoins including GBITS posted inflows of up to $10-M data showed. While other digital tokens, namely polkadot, ripple and lite coin posted outflows.
GBITS is trading at $192.49 close to its all time highs at $208.57.
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