Okcoin reports altcoins drove institutional interest in crypto for 2021

[Tnoy30]

The recent purchasing behavior of institutional investors contrasts with that in 2020 and earlier, when “institutions exclusively favored altcoins that were at least four years old, such as Ether and Litecoin.” Cryptocurrency exchange Okcoin has reported the number of and trading volume of institutions surged significantly in the last year, driven largely by stablecoins and tokens in decentralized finance.

In a report released on Oct. 26, Okcoin said it had seen a 450% increase in the number of institutional customers on its platform between September 2020 and September 2021, as well as a 124% increase in institutional trading volume over the same period. According to the report, 53% of the purchases institutional investors made in September were for altcoins. In addition, the customers showed “a greater appetite for non-Bitcoin crypto assets” compared to previous years.
Source: Okcoin reports altcoins drove institutional interest in crypto for 2021