XRP and Two Blue Chip Altcoins Are Grabbing Investor Dollars Away From Ethereum (ETH), According to CoinShares
A new survey conducted by digital asset investing firm CoinShares is revealing three crypto assets attracting investment fund manager capital away from Ethereum (ETH).
In the latest CoinShares’ May 2022 survey, the digital asset investment firm says XRP, Cardano (ADA) and the native token of Polkadot (DOT) are all attracting more investor dollars as allocations to Ethereum move in the opposite direction.
“While positions on Bitcoin have changed little, investors are increasingly adding to altcoins. The survey highlights increasing allocations to Polkadot, Cardano and XRP at the expense of Ethereum.”
According to the CoinShares’ bi-monthly survey, a little over 20% of the investors have allocated to Ethereum, down from around 25% registered during the previous March survey. In the case of XRP, the number of investors allocating funds to it has risen to about 6% from around 4% recorded in the March survey.
The percentage of investors allocating to Cardano has more than doubled from around 5% to about 12%. In the case of Polkadot, the percentage of investors putting their money in it has risen from around 9% to about 13%.
The CoinShares’ May survey also says smart contract blockchain Solana (SOL) has seen a decline in the percentage of investors allocating to it from around 4% to 1%.
According to the survey, the reasons for investing in crypto assets include diversification and speculation.
“We saw a big rise in investors adding to positions for speculative reasons, having risen from 20% to 27%.
Diversification remains a key reason for investing in digital assets, although it has declined, likely due to Bitcoin’s increased correlation to tech stocks and skepticism over its true diversification merits.”
The CoinShares’ May 2022 was conducted among investors managing approximately $200 billion worth of assets.
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