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
In CoinShares’s latest research survey published in May, investors are looking for XRP from Ethereum, 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 malfunctioned again on June 1 with a four-and-a-half-hour power outage across the network. 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.
Network state is secure, as are funds. Validator operators are coordinating a restart from the highest confirmed block in public on mb-validators in Discord.
— Solana Status (@SolanaStatus) June 1, 2022
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
Kriptokoin.com , as we covered in our analysis, Due to the impact of the Vasil hard fork, the ADA price has gained 17.3% over the past seven days. 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.
