Thursday, September 16, 2021
Home Crypto News Market Coinshares Report Shows Ada Saw Record Weekly Inflows Because Of Upcoming Smart...

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.

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.

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.

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Mark Brennan
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.


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