Okcoin Reports Altcoins Boosted Institutional Interest In Cryptocurrencies In 2021

Paraguay, San Pedro, Lima

Published 3 years ago

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Okcoin Reports Altcoins Boosted Institutional Interest In Cryptocurrencies In 2021

Paraguay, San Pedro, Lima,

Published 3 years ago

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Cryptocurrency exchange Okcoin has reported that the number and volume of trading by institutions increased significantly in the past year, largely driven by stablecoins and decentralized finance (DeFi) tokens.

In a report published on October 26, Okcoin said that it had seen a 450% increase in the number of institutional clients on its platform between September 2020 and September 2021, as well as a 124% increase in institutional trading volume.

during the same period. According to the report, 53% of purchases institutional investors made in September were for altcoins. Additionally, customers showed "a greater appetite for non-Bitcoin cryptoassets" compared to previous years.

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Specifically, the exchange reported that institutions had opted for "younger assets" in 2021, including MiamiCoin (MIA), the city of Miami's own token launched by CityCoins on August 3, as well as Avalanche (AVAX) , which was launched more than a year ago.

This is in contrast to buying behavior in 2020 and earlier, when "institutions exclusively favored altcoins that were at least four years old, such as Ether and Litecoin."