Cardano is in high demand, and altcoin is a popular choice for American investors. Cardano potential use cases and high staking returns are the key factors behind the popularity of Cardano. Demand is expected to rise more with the Alonzo hard fork coming with smart contract functionality.
eToro American users popular choice is Cardano; ADAÂ demand has exceeded BTC on eToro. Despite the delayed arrival of Alonzo much-anticipated hard fork, the number of ADA holders has increased.
Cardano is the leading stake able digital asset in front of ETH 2.0, Polkadot, and others, with more than 70 percent of total Cardano supply locked in the ADA network for staking.
The amount staked in Cardano (ADA) network has increased to more than $31 billion. Cardano has also achieved a new milestone; ADA staking addresses have crossed 660,000, with more than 50,000 staking addresses have joined Cardano in the last few weeks.
Cardano staking is worth about $31 billion. Total active addresses are 671,254, active pools are 2669, and 71% is of the total Cardano supply is in staking.
Cardano’s retail and institutional demand are on the rise. The demand from institutions for Cardano has increased significantly in the last few months.Â
Recently, Grayscale, the Leader in Digital Currency Investing, announced that they had added Cardano to their Crypto trusts. Cardano became the Grayscale third-biggest holding with a 4.26 per cent share only behind BTC and ETH.
Read:Â Grayscale Adds Cardano To Their Product Family
American retail investors are also becoming more confident in Cardano’s potential. ADA has become the most popular cryptocurrency on eToro and replacing BTC.
Cardano demand increased by 51% on the social trading platform in the last quarter.
Simon Peters, eToro’s crypto market analyst, stated:
“Cardano revealed a more detailed roadmap for the upcoming Alonzo hard fork in the second quarter. This will allow smart contracts functionality to be written and deployed on the Cardano blockchain for the first time. This update is significant because it will enable developers to create projects on Cardano network, which will help Cardano position itself as a true competitor of Ethereum.”
Peters stated that Alonso’s hard fork shortly is good news for investors. When smart contract functionality is enabled, a wide variety of Defi applications can deploy on the Cardano network.
Vitalik Buterin, the founder of Ethereum, seems to be impressed by the efforts made by IOHK to make Cardano more useful.
Buterin stated:
“There are interesting ideas in there. I think Cardano takes a bit of a different approach than Ethereum in that they emphasize having these big academic proofs for everything. In contrast, Ethereum tends to be more okay with heuristic arguments. In part because [Ethereum is] just trying to do more faster. But there are very interesting things that come out of IOHK Research.”
In Cardano Foundation Long Term Plans, the foundation announced to Onboard Ten Fortune 500 Companies,1 Billion Users, And 50 Banks in five years.
Read:Â Cardano Foundation Long Term Plans
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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