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Crypto fund managers with over $200 billion in assets are abandoning the second-largest cryptocurrency Ethereum ($ETH) in favour of three other altcoins: Cardano ($ADA), Polkadot ($DOT), and Ripple ($XRP).

According to CoinShares’ Digital Asset Bi-Monthly Fund Manager Survey, investors have been steadily shifting away from Ethereum since March, transferring funds to these three cryptocurrencies, which look to have near-term positive catalysts.

Investors are “increasingly adding to altcoins,” according to the survey, and opinions on Bitcoin “have moved little.” It discovered that Ethereum was allocated to little over 20% of investors, down from roughly 25% in the previous study in March.

According to a survey, crypto fund managers are increasing their bets on $ADA, $DOT, and $XRP 2022 krishhh 8 | BuyUcoin

As stated by Daily Hodl, investors allocating assets to Cardano increased by more than doubling from 5% to 12%, while those devoting funds to XRP increased by roughly 4% to 6%. Similarly, those betting on Polkadot increased from 9% to roughly 13%.

According to a survey, crypto fund managers are increasing their bets on $ADA, $DOT, and $XRP 2022 Web capture 3 6 2022 223758 | BuyUcoin

Source: CoinShares

In addition, the poll discovered a large decline in investors allocating to Ethereum competitor Solana ($SOL), from 4% to 1%, as well as an increase in investors adding to positions for speculative reasons.

Diversification, however, remains a priority, according to the report, “a key reason for investing in digital assets, although it has declined, likely due to Bitcoin’s increased correlation to tech stocks and skepticism over its true diversification merits.”

Cardano recently surpassed XRP to become the sixth-largest cryptocurrency by market capitalization, according to CryptoGlobe. On the Cardano blockchain, over 5 million native assets have now been created, more than double the number observed at the end of last year. On Cardano, there are presently 5.01 million native assets deployed across 54,800 policies.

After the cryptocurrency’s price plummeted to a low of $0.40 earlier this year, data shows that ADA whale transactions have risen to a 4-month high. Whales appeared to be buying the dip in anticipation of a hard fork that will boost the network’s performance. That hard fork, known as the Vasil hard fork, is expected to give the network a “huge improvement.”

Meanwhile, Ripple co-founder Jed McCaleb, who has sold over 450 million tokens this year and still has over 220 million in his wallet, has had a detrimental impact on the price of XRP.

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Ripple, alleging that the company and two of its executives violated federal securities laws, “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”

According to a panel of cryptocurrency specialists, the price of XRP will reach $2.55 by the end of the year, and will rise to $3.61 by the end of 2025, and $4.98 by the end of 2030.

Source: Crypto Globe

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