The cryptocurrency Solana (SOL), which last year was titled as investors' favorite altcoin and shined in its development in 2023, has achieved new prominence in the cryptocurrency industry recently with the substantial increase in institutional demand.
As a recent survey released by CoinShares revealed, the Solana (SOL) cryptocurrency has experienced a “dramatic increase in allocations” from institutional investors. James Butterfill, head of research at CoinShares, highlighted that investors have been increasing their exposure to altcoins, with Solana gaining a lot of attention from traders.
The Digital Asset Fund Manager Survey involved 64 investors who are responsible for managing an accumulated total of US$600 billion in assets. The survey revealed a growing interest from traders in altcoins, with Solana leading the favoritism. Butterfill commented on the survey of digital asset fund managers:
“In our first survey since the approval of spot bitcoin ETFs in the US, bitcoin retained the top spot, with 41% of investors believing it has the most attractive growth outlook. – The weighting of digital assets in portfolios increased again, from 1,3% to 3%, the highest weighting since the survey began in 2021. – Investors have been increasing their exposure to altcoins, with Solana seeing a dramatic increase in allocations . – The survey clearly reveals that there continue to be significant barriers to entry into this asset class for specific groups of investors”, wrote the head of research.
Our Digital Asset Fund Manager Survey has now been published
– In our first survey since the approval of the US spot bitcoin ETFs, bitcoin has retained the top spot, with 41% of investors believing it has the most compelling growth outlook.
– Digital assets weighting in…— James Butterfill (@jbutterfill) April 25, 2024
At the time of publication, the solana price it was quoted at US$ 142,94, down 1.7% in the last 24 hours. Over the past seven days, the cryptocurrency has seen a 1.5% price pullback.
