A new survey by CoinShares shows that investors are switching from Ethereum (ETH) to Ripple and Cardano.
Investors are now turning to these altcoins, according to CoinShares
According to CoinShares’ latest research survey published in May, investors are moving from Ethereum to XRP, Cardano (ADA) and Polkadot (DOT). ) was observed. Noticing a reversal of the old trend, firm analysts say:
While positions in Bitcoin change little, deposits contribute more to altcoins. Polkadot, Cardano and XRP investments are on the rise. The survey highlights increased allocations to Polkadot, Cardano and XRP at the expense of Ethereum.
Ethereum investments have dropped 20% since a survey by the firm in March. Respondents investing in XRP rose from 4% to 6% from the March survey. Allocation for Cardano more than doubled from 5% to about 12%. In the Polkadot sample, an increase from 9% to about 13% was observed.
Ripple investments are rising, Solana is falling
One of the altcoin projects that lost investors was Solana. According to CoinShares data, there has been a decline of about 4% to 1% for SOL investments since the March survey. Speculation and network outages may be the reason why investors are turning away from Solana.
Solana faces another outage
Solana failed again on June 1 with a four and a half hour network-wide power outage. The crash comes at a very bad time, as users are already dissatisfied with the crypto crash in May. The official channel of the Solana team said:
Validator operators successfully completed the cluster reboot of the Mainnet Beta at 21:00 UTC, after an outage of approximately 4 and a half hours after the network failed to reach consensus. Network operators and applications will continue to restore client services over the next few hours.
The Solana team has ensured that the network is secure as well as all funds to users.
Despite the assurances of the Solana team, users were visibly surprised by the network shortcomings . SOL prices soon took a hit, dropping below 14% around $38.5. It hit the lowest prices since August 2021.
Cardano, meanwhile, remained popular among altcoin investors
ADA for the past seven days, with the impact of Vasil’s hard fork, as we have covered in our analysis of Kriptokoin.com. its price gained 17.3%. Cardano’s hard fork upgrade is expected to be rolled out this month, and backers believe it has bolstered the price recently. Also, according to a survey conducted by coinmarketcap.com’s (CMC) “price predictions” tool, which we refer to as Kriptokoin.com, 24,468 contributors predicted that ADA will reach $1.06 by the end of June. Using CMC’s forecaster, 15,940 voters think ADA will be priced at $0.972 per unit by the end of July.
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