Institutional Cardano interest has reached a new height as the inflow to Cardano funds is 165 percent more than Bitcoin. According to GIOM, 97 percent of Cardano’s wallet addresses now profit. This shows the rapid growth of activities from $1.68 to $2.24.
Cardano exchanged around 307K addresses between these price levels, which develops significant altcoin support here.
Institutional investors noticed the increase in Altcoin’s popularity, and more money flowed into Cardano funds than ever before. Cardano-based funds were testified to $10.1 million in inflows, compared to $3.8 million from Bitcoin.
NFT’s strike against Ethereum, considered “impractical” by the developers of non-fungible tokens because of the high transaction fees. Cardano provides its mainnet a feasible and reasonably cost-effective alternative.
Input Output Hong Kong (IOHK), the development firm behind Cardano, released an update on Aug 26, detailing the complete execution of launching Daedalus, the entire node ADA cryptocurrency wallet.
In a video posted on YouTube, the delivery head of Cardano, Nigel Hemsley, said that the Alonzo upgrade would commence on Sept 12.
ADA Community Worries Will Come To an End
Following the hard fork by Alonzo, Cardano will enable smart contracts execution on its network. Therefore, eco-friendly crypto may become a significant term in decentralized finance. Last week, the ADA reached a record high of $2.95, and experts believe that Altcoin will hit a $3 goal.
Its community has vigorously attacked Cardano for failing, despite the promises, to provide smart contract functionality. It seems, however, that these worries will all rest in a month.
The update will enable Cardano to become a significant participant inside the DeFi world by adding intelligent contract capabilities, enabling automated lending and trading of cryptocurrency.
The launch of the Alonzo hard fork is perhaps an essential event in the history of Cardano. With the massive popularity of DeFi contracts, NFTs and tokenomics, its value is expected to increase to new heights.
