Crypto Fund Managers Are Increasing Bets on dollarADA, dollarDOT, and dollarXRP
Categories: Crypto News US
Large investors managing approximately $200 billion worth of assets are moving away from the second-largest cryptocurrency Ethereum ($ETH) and are instead betting on three other altcoins: Cardano ($ADA), Polkadot ($DOT), and $XRP.Thats according to CoinShares Digital Asset Bi-Monthly Fund Manager Survey, which found that investors have been steadily moving away from Ethereum since March, while allocating funds to these three cryptocurrencies, which appear to have potential bullish catalysts in the near future. The report further found that positions on Bitcoin have changed little as investors are increasingly adding to altcoins. It found that little over 20% of investors allocated to Ethereum down from around 25% during the previous survey in March.On the other hand, as Daily Hodl reported, it saw investors allocating funds to Cardano more than double from 5% to 12%, and those allocating to XRP rise from about 4% to 6%. Similarly, those betting on Polkadot rose from 9% to around 13%. The survey notably also found a significant drop in investors allocating to Ethereum competitor Solana ($SOL), from 4% to 1%, and noticed an increased rise in investors adding to positions for speculative reasons.Data has also shown that ADA whale transactions have shot up to a 4-month high after the price of the cryptocurrency plunged to a bottom at $0.40 earlier this year. Whales were seemingly buying the dip ahead of an upcoming hard fork that will improve the network’s performance. That hard fork, known as the Vasil hard fork, is set to deliver a “massive improvement” to the network. XRP is also negatively being affected by a lawsuit brought on by the U.S. Securities and Exchange Commission (SEC) against Ripple, in which the regulator alleged the firm and two of its executives “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”A panel of cryptocurrency industry experts has predicted that the price of XRP will hit $2.55 by the end of the year, and sees it go as high as $3.61 by the end of 2025, and $4.98 by the end of 2030.