Bitcoin extends its 3-day gain above $31,000

Crypto investors flee more volatile altcoins

Bitcoin stretched a winning streak on Monday, with institutional investors recently pouring money into the world’s most valuable cryptocurrency, according to data from CoinShares, as they navigate through the market’s so-called crypto winter.

Bitcoin gained for a third session in a row and hit an intraday high of $31,680.37, according to CoinGecko, marking the highest price since June 1.

The virtual coin, which had a market cap of $597 billion, last week saw $125.9 million of  inflows last week, bringing total inflows for 2022 to $506 million, digital asset management company CoinShares said in a weekly update.

“Altcoins,” meanwhile, “saw virtually no inflows last week highlighting investors are flocking to the relative safety of Bitcoin,” said CoinShares.

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