Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, posted strong inflows last week. The cryptocurrencies witnessed investments in the sector reached $489 million, the largest since February.
The dominant cryptocurrency received the lion’s share of investor inflows last week of $441.7 million, with $4.2 billion so far this year. Bitcoin posted record weekly outflows the previous week.
Meanwhile, the world’s second-largest cryptocurrency, Ethereum, posted inflows of $30.2 million last week and an all-time peak of $13.9 billion in 2021. Total inflows so far in 2021 were $5.45 billion.
On May 4, ethereum reached yet another record high of $3,530, pushing its market capitalization at $393 billion. However, it declined 2.4% and traded at $3,353.
At the moment of writing, Ethereum stands at $3,471.32.
According to co-founder and chief executive officer at global payment network Mercury, the main reason for Ether’s price seems to be the increasing numbers of developers building DeFi applications on the platform. He also cited boosting institutional interest as a reason.
Meanwhile, a meme-inspired virtual currency, Dogecoin, boosted to a lifetime high, in the previos session. The cryptocurrency managed to become the fourth-biggest digital coin. The coin gained 41% and hit a record of $0.68%.
In 2021, Dogecoin boosted by more than 14,000%. Remarkably, at the end of the previos year, it traded at $0.0068.
Grayscale remains the largest digital currency manager
It’s essential to mention that other cryptocurrencies, including Polkadot, Binance, and Cardano, witnessed minor inflows.
Moreover, Grayscale remains the largest digital currency manager, with $49.3 billion as of April 30, from $41 billion the previous week. Meanwhile, CoinShares surprasses about $5.8 billion as of last week, from $5.2 billion on April 23. CoinShares is the second biggest and the largest European digital asset manager.
Total assets under management so far in 2021 reached $64.7 billion. In the previous year, the AUM was $19 billion, while it was $2.57 billion in 2019.