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HomeCrypto NewsMarketCoinshares Report Shows Ada Saw Record Weekly Inflows Because Of Upcoming Smart Contracts Launch

Coinshares Report Shows Ada Saw Record Weekly Inflows Because Of Upcoming Smart Contracts Launch

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As bitcoin posted its eighth consecutive outflow, smaller cryptocurrencies are gaining ground against BTC. Cardano is again in the spotlight.


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Altcoins including ETH, Polkadot, solana and cardano currently represent 32% of all digital assets under management by investors.

According to CoinShares reports, Cardano saw record inflows last week as investors prepare for the ADA network upgrade.

CoinShares reported that products backed by ada saw inflows of $10.1 million worth of inflows. Cardano-based instruments now hold 0.15% of the capital locked in crypto investment products combined.

Cardano announced earlier this month that the Alonzo purple update will be taking place on September 12th. After this upgrade, ADA network will be able to handle smart contracts and other applications in a manner similar to the rival Ethereum network.

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CoinShares investment strategist James Butterfill said:

“Clearly people are trying to diversify and people are taking a step further to look at other altcoins.”

Dmitry Mishunin, founder and CEO of HashEX said:

“As smart contracts enabling blockchains, the duo of cardano and ethereum have the propensity to harbor countless innovative projects. These projects, in turn, will promote the utility of the native tokens for both blockchains, driving their valuations.”

Ada’s price  reached an all-time high near $3.00. It is now the third-largest cryptocurrency in terms of market capital, after ETH and Bitcoin.

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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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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