XRP Shows Increase In Institutional Interest
The Grayscale Investments released new numbers which show which digital currencies are bringing in institutional investors.
According to the company, over 12% of investors are leaning towards XRP in the companies Digital Large Cap fund, which is an increase on the previous 9.9% in the last quarterly review by the company.
Over the past few months, there has been a decreased interest in Bitcoin Cash, Ethereum and Litecoin, which are some of the biggest digital assets in the crypto space. However, there was still an increase for Bitcoin, similar to XRP.
From 30th June to 30th September this year, âGrayscaleâs Digital Large Cap Fund Asset Weightâ shows:
Litecoin - 2.4% to 2.1%
Bitcoin Cash - 6.5% to 5.5%
Ethereum - 23.6% to 13.1%
Ripple - 9.9% to 12.5%
Bitcoin - 57.6% to 66.8%
However, despite this dominance for Bitcoin, Bloomberg has reported that Grayscale Bitcoin Investment Trust has reached a low with net asset value since December last year when Bitcoin was on a huge high trading at almost $20,000. Shares in Grayscale Bitcoin Investment Trust are down around 80%.
The investment firm - based in New York - recently published a report in July which shows that over 55% of investments in the first half of 2018 came from institutional investors.
Grayscale still maintains several digital currency investment trusts, which includes the Bitcoin Investment Trust, Ethereum Investment Trust, Ethereum Classic Investment Trust, Litecoin Investment Trust, XRP Investment trust, the Zcash Investment Trust and Bitcoin Cash Investment Trust. Overall, the company looks over more than $1.5 billion in digital assets.
Currently, all the aforementioned digital currencies are in the red with Bitcoin down 1.23% over the past day and priced at $6.554.35. Bitcoin Cash is also down with a 1.85% decrease in the past 24 hours and priced at $508.96. Litecoin is down 2.35% and worth $57.59 per coin. Ethereum is down 1.41% and each ETH is worth $225.55. And finally, XRP is down 3.24% over the past day and is worth $0.466 per token.
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The Daily Hodl