CoinShares researcher called Solana (SOL) the "most loved altcoin amongst investors."
Financial analytics firm CoinShares has identified Solana (SOL) as the altcoin with the highest level of investor interest for 2023, based on its latest report.
Amassing $26 million in capital since the beginning of the year, Solana has outshone even Ethereum (ETH) in investor enthusiasm and was called the "most loved altcoin amongst investors."
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Released on September 4th, the CoinShares Digital Asset Fund Flows report painted a vivid picture of the current crypto investment landscape.
According to James Butterfill, CoinShares' research chief, trading volumes for crypto assets have surged 90% over the year-to-date average as of the week concluding September 1st.
Despite an overall market sentiment that has seen $342 million move out of cryptocurrency products over seven weeks, there's still a net positive inflow of $165 million for the year.
In this volatile backdrop, Solana distinguishes itself with a steadfast performance. Its investment offerings marked a ninth week of consecutive growth, with inflows tallying up to $700,000 for the week and accumulating $14.1 million over the nine weeks.
Bitcoin (BTC) was the only other cryptocurrency to record inflows for the same week, albeit at a lesser amount of $3.8 million. On the other hand, investment vehicles for Polygon (MATIC), Short BTC, and Ethereum (ETH) saw a decline in inflows.
In terms of market value, Solana has gained nearly 95.5% since the start of the year, hovering around the $20 to $25 price range since mid-January.
As of early September, it was trading near $19.30. However, it is worth noting that Solana is significantly down from its all-time high in November 2021, which was close to $260.
The latest CoinShares report offers a compelling narrative that underscores Solana’s rising prominence in the cryptocurrency ecosystem. While the broader market experiences ebbs and flows, Solana has consistently attracted investor capital and formed strategic partnerships, establishing itself as a solid contender in the altcoin arena for 2023.
