According to data from digital currency manager Coinshares, inflows into cryptocurrency funds and products reached a record $4.5billion in the first quarter. It is suggesting grown institutional participation in the once-maligned sector.
Remarkably, the first quarter inflows represented an 11% rise from the last three months of 2020, which reached $3.9 billion.
However, investments into crypto slowed in the first quarter compared with the fourth, where growth was 240%.
On April 5, the cryptocurrency sector reached an all-time high of $2 trillion in market cap.
Bitcoin’s market capitalization was more than $1 trillion, holding that milestone level for one week.
According to Coinshares, Bitcoin has the most inflows in the first quarter with $3.5billion, followed by ethereum, which posted $765million in investments.
The dominant cryptocurrency, Bitcoin, reached a record high of $61,781.83 in mid-March but has since traded in a narrow range as investors consolidated gains.
Crypto assets under management have also grown to a peak of $59 billion. In 2020, assets under management for the sector reached $37.6 billion.
According to the latest news, the world’s largest cryptocurrency, Bitcoin, fell back to $55k after opening the day at $58k. It’s rebounded today and stands at $56,888.
Furthermore, the altcoin market is rebounding this morning for the most past after seeing double-digit losses yesterday.
XRP managed to overtake the USDT market capitalization yesterday however has slipped back into the #5 spot today. XRP is currently trading for $0.94 with a market capitalization of $42.48 bn.
WazirX (WRX) is today’s biggest altcoin gainer. WRX is trading for $4.14, increasing 27% on the day, and is up almost 400% in the past week alone.
The OMG Network (OMG) declined by 17% in the last 24 hours. However, t’s still up by 20% on the week. It currently stands at $9.42 after hitting a nearly three-year high of $11.14 on April 7, 2021.
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