Cryptocurrency exchange Okcoin reported in a report released Tuesday that the number and trading volume of institutions, largely driven by stablecoins and DeFi coins, has increased significantly over the past year. It has also been announced which altcoin projects the institutions are turning to. Here are the details…
According to the OKCoin report, interest in these altcoin projects is high
According to a recent report from OKCoin, the US-based cryptocurrency exchange founded in 2013, the platform saw an increase in the number of institutional clients and institutional trading volume between September 2020 and 2021. On the other hand, it was announced that institutional purchases are now showing greater appetite for non-Bitcoin cryptoassets, with 53 percent of purchases made in September for altcoins.
Notably, the exchange-reported institutions gravitated towards “younger assets” in 2021, including MiamiCoin (MIA) in 2021 and Avalanche (AVAX), which has been around for more than a year. Cryptocoin. com
As we reported , Miami launched its own token by CityCoins on August 3rd. This contrasts with the buying behavior in 2020 and earlier, where “institutions only prefer altcoins that are at least four years old, such as Ethereum and Litecoin.” Interest in popular coins like Ethereum (ETH) and Solana (SOL) has also surged as the popularity of the decentralized finance (DeFi) space has risen, according to the report.