Cryptocurrency analyst Amonyx recently drew attention to a CNBC video in which XRP was described as the hottest cryptocurrency trader of the year, ahead of Bitcoin and Ethereum. This is because XRP ETFs continue to see inflows while other cryptocurrency funds see outflows.
Why Altcoin is the best trade over Bitcoin and Ethereum
In Post XAmonyx shared a video with CNBC in which XRP was described as the best trade ahead of Bitcoin and Ethereum. The analyst then asked if the market saw something or would see something soon. CNBC’s Mackenzie Sigalos noted that the token gained significant interest overdue last year, with investors starting to XRP ETFs while Bitcoin and Ethereum spot ETFs saw outflows.
She further stated that these investors likely viewed XRP as a less crowded trade than Bitcoin and Ethereum as cryptocurrency prices fell in the fourth quarter of last year. Sigalos added that this trade paid off considering the altcoin saw a 20% raise at the beginning of the year. Meanwhile, she also touched XRP operate case and why it may gain so much attention.
A CNBC news host noticed this XRP and Solana are the two most popular altcoins today, and XRP has gained prominence due to its usefulness in cross-border payments. Sigalos also suggested that XRP, along with Solana, may have an advantage over Bitcoin and Ethereum in terms of having more room to grow.
When it comes to blockchain adoption, she noted that users and investors may turn to cheaper, faster networks like Solana rather than Bitcoin and Ethereum, especially for payments and tokenization. The XRP Ledger is also gaining traction in tokenization, recently surpassing Solana in terms of tokenized value on the network, according to RWA.xyz.
XRP ETFs continue to see inflows
SoSoValue data shows that XRP ETFs continue to see daily net inflows even as the cryptocurrency market fluctuates. These funds are currently on a five-day streak of consecutive net inflows, and have only seen six days of outflows since the beginning of the year. They currently boast net assets of $1.02 billion, representing 1.20%. XRP market capitalization.
However, XRP funds recorded lower inflows than Bitcoin, Ethereum and Solana Funds last week. AND CoinShares Report revealed that last week, XRP funds recorded weekly flows of $1.9 million. In turn, BTC, ETH and SOL funds recorded weekly flows of $881.5 million, $116.9 million and $53.8 million.
At the time of writing, XRP is trading at around $1.36, up over the past 24 hours, according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com