Institutional Investors Show an Increased Interest for XRP
Ripple and XRP have been in the news during the last months due to different events and situations that helped increased awareness of this virtual currency. Grayscale Investment has released new numbers related to institutional investors and in which cryptocurrencies they are interested the most. The firm is currently managing $1.6 billion dollars in assets among different investment trusts it offers to clients.
As per the company, 12.5% of investors are interested in XRP. Grayscale offers a fund known as Digital Large Cap fund that allows companies to invest in the most valuable virtual currencies in the market. The number of investors interested in XRP has reached the aforementioned value after registering a 9.9% interest in the last measurement.
However, Bitcoin (BTC) remains the most demanded cryptocurrency. The interest in this crypto went up from 57.6% to 66.8%. At the same time, interest in Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) has decreased in the period between June 30 and September 30. Ethereum passed from 23.6% to 13.1%, Bitcoin Cash from 6.5% to 5.5% and Litecoin from 2.4% to 2.1%.
It is important to mention that the reduction of interest for Ethereum is also related to its price action during this period. At the beginning of June, Ethereum was traded around $600 dollars and in September it had a price that fluctuated between $175 and $240 dollars. That represents a reduction of 70% of its price in just a few weeks.
Although Bitcoin dominance increases, the Grayscale Bitcoin Investment Trust (GBTC) has registered a net asset value low since December 2017. In the last month of 2017, Bitcoin reached $20,000 dollars for a short period of time. Since then, shares of GBTC are down over 80%.
Additionally, the investment firm said that over 56% of the investments during the first half of 2018 were related to institutional investors. During this year, companies in the market have been trying to improve their services and offer them to institutional investors that did not trust the old crypto infrastructure.
Furthermore, the company has a series of crypto investment trust that includes the Bitcoin Investment Trust, Bitcoin Cash Investment Trust, Ethereum Investment Trust, Ethereum Classic Investment Trust and many others related to Litecoin, XRP and ZCash.