JAKARTA - Crypto assets, or digital currencies, are increasingly in demand by investors, especially Ripple (XRP) and Litecoin (LTC), which managed to attract funds of 0.4 million US dollars (IDR 6.25 billion) and 0.6 million dollars. US (IDR 9.38 billion) consecutively in the week ending February 16, 2024. This data comes from CoinShares, a leader in digital asset investment products, which reported that inflows into digital asset investment products reached a record high of 2, 45 billion US dollars (IDR 38.28 trillion) per week.
This surge shows that investors are increasingly trusting digital assets, which have huge profit potential. Total assets under management (AuM) of digital asset investment products reached a peak level of 67 billion US dollars (Rp. 1,047.08 trillion), the highest figure since December 2021. Although Bitcoin still dominates the market with a share of around 99%, XRP and LTC investments, which is quite a significant amount of the total, illustrating the changing interest of investors in the crypto ecosystem.
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Other crypto assets have also experienced spectacular movements. Ethereum, even though it is in the shadow of Bitcoin, remains the beneficiary with total net inflows of 21 million US dollars (IDR 328.13 billion). Meanwhile, Solana is facing challenges after the recent disruption, which resulted in an outflow of USD 1.6 million (IDR 25 billion) which affected investor sentiment.
Coins like Avalanche, Chainlink, and Polygon have just received inflows of more than 1 million US dollars (IDR 15.63 billion) each, indicating that investors are showing healthy interest in digital currencies across various platforms.
Crypto market dynamics are also influenced by transparency and communication from developers and service providers. One example is Ripple, the company behind XRP, which recently responded to concerns regarding the company's sale of XRP.
David Schwartz, Ripple's Chief Technology Officer, emphasized Ripple's commitment to transparency and responsible sales practices, pushing back against allegations about secret sales of XRP. His comments reflect the company's efforts to maintain open communication with investors and stakeholders, strengthening Ripple's stance towards ethical business conduct amidst speculative criticism.
Thus, crypto assets continue to attract funds from investors, who see the profit and innovation potential of digital assets. XRP and LTC are top of the line among other crypto assets, indicating continued popularity and investor confidence. However, investors must also be careful about the risks and volatility inherent in the crypto market, and choose trusted and quality investment platforms and products.
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