New Report Reveals Institutional Investment Interest for Cardano has Increased

CoinShares is a capital market facilitator that is focused on cryptocurrencies. A recent report published by the enterprise suggests that inflows in Cardano native token, ADA, have been increasing steadily. It means that institutional investors are converting their capital reserves into ADA with a higher ratio. As per the CoinShares report, Cardano has joined the list of the top trading altcoins.

Recently, the crypto market has once again started on a bullish journey, with Bitcoin moving from the $30K level to the $45K mark. CoinShares report reveals that $1.3 million in terms of inflows has been added to the native blockchain project Cardano. With this new strength, Cardano has surpassed other altcoins like XLM, XRP, and DOT.

Thus far, Bitcoin has accounted for the 50% or more of the total crypto market cap. However, with the newfound interest in altcoins like ADA, the crypto market cap is improving and allowing other tokens to take up a bigger space in the evaluation. CoinShares report indicates that $1.3 million inflows are a result of institutional and hedge fund investment in ADA within the last week.

In terms of monthly inflows, Cardano has received $2.1 million from the high stake and enterprise traders. In the same vein, the YTD (year-to-date) inflow volume for Cardano is as high as $39 million. Within the CoinShare investment pool, Cardano has gained $47 million in inflows thus far. However, Bitcoin is still the top currency in a matter of top outflows.

Cardano’s Smart Contract Upgrade

The recent rise in popularity for Cardano is not a coincidence. Cardano development team has announced recently that the highly anticipated smart contracts upgrade can go live on the blockchain by September 12. As many as six crypto exchanges are planning to list Cardano once the event takes place. At the moment, Cardano is promoted to the rank of 3rd largest cryptocurrency in the world.

Despite all the hype and anticipation, the price of ADA dropped down to $1.97 for a while, as reported by data at CoinMarketCap. At press time, ADA is valued at $2.17 since it managed to break out of the 2 USD price point last week. However, ADA is still far away from its ATH in May that was recorded at $2.46.