Cryptocurrency analysis company Alphractal reported that there has been a significant increase in institutional investor applications to the U.S. Securities and Exchange Commission (SEC) in recent days.
According to the company’s evaluation, these applications were not limited to Bitcoin only; a remarkable increase in the number of applications was also observed in altcoins such as Ethereum (ETH), Cardano (ADA) and Dogecoin (DOGE).
Bitcoin has once again proven its institutional interest by experiencing its third-busiest week in history, but the focus is broadening, according to Alphractal.
According to Alphractal’s analysis:
- Ethereum has shown strong growth, maintaining its position as the most preferred digital asset outside of Bitcoin.
- Cardano has reaffirmed its long-term potential with its growing adoption as a smart contract platform.
- Dogecoin, surprisingly, has started to appear more in institutional portfolios. This shows that the view of traditional investors towards the most popular “memecoin” is starting to change.
Alphractal notes that this trend indicates a wider diversity in institutional strategies and that the cryptocurrency market is entering a maturation process. The company also added that SEC filings are an important indicator of the direction of institutional interest, and that the increasing interest in altcoins can be considered as preparation for the next phase of the market.
*This is not investment advice.
Continue Reading: Analysis Firm Reveals: “Institutional Interest in Three Altcoins Is Growing” – Cites ETF Applications as Evidence
