XRP and Solana Were the Top Performers Among Altcoins for the Week Ending March 21st

Exchange-traded products (ETPs) focused on XRP and Solana were the top performers among altcoins for the week ending March 21st, according to recent data.

The exchange-traded products (ETPs) focused on XRP and Solana were the top performers among altcoins for the week ending March 21st, according to recent data from digital assets management firm Coinshares. While most other altcoin ETPs also saw positive inflows, XRP and Solana outperformed the rest of the market in this category.

Among the altcoins, XRP experienced the largest inflows with a total of $6.7 million. Solana closely trailed behind with inflows of $6.4 million. Other cryptocurrencies that saw record numbers included Polygon (MATIC) with inflows of $400,000 and Chainlink (LINK) with inflows of $200,000.

Which Altcoins Experienced Outflows Last Week

However, not all altcoins saw positive inflows. Notably, Ethereum experienced big outflows summing up to $86 million. Additionally, Sui (SUI) and Polkadot (DOT) suffered outflows of $1.3 million, while Tron (TRX) had a smaller amount of outflows with $950,000.

One can’t talk about inflows and outflows for cryptocurrencies without mentioning Bitcoin. The king of cryptocurrencies led the charge with inflows reaching $724 million, which helped immensely in terms of recovery of the digital asset sector, reversing a five-week trend of net outflows.

Where is the Demand for Crypto ETPs Coming From?

Unfortunately for Ethereum, the opposite was true for the most popular altcoin, as it achieved net weekly outflows for four consecutive weeks. In regards to inflows, most of it originated in the United States, which might not be that surprising. The total inflow for the US was $632 million, mostly due to BlackRock’s iShares Bitcoin Trust (IBIT).

Still, the US wasn’t the only one with positive market sentiment, as Switzerland saw $15.9 million in inflows, followed by Germany’s $13.9 million and Hong Kong’s $1.2 million.

What Factors Drove the Strong Performance of XRP and Solana?

Looking at XRP and Solana, the two rose up for different reasons. For instance, the former experienced a notable increase after the SEC dropped its prolonged lawsuit against Ripple Labs. On the other hand, with the US market’s first Solana futures exchange-traded funds (ETFs) available, a spot Solana ETF may very well become a possibility in the near future.

Both XRP and Solana have lots of positives to ride on as institutional interest in regulated crypto products continues to grow. The market will be closely watching how these altcoins and others adapt to the new additions.

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