Ethereum

Cardano

Show

<a href="https://bitcoinist.com/shiba-inu-cardano-xrp-altcoin/" rel="nofollow">Cardano (ADA)</a> has witnessed a massive 300% surge in <a href="https://bitcoinist.com/uk-makes-major-move-crypto-exchange-traded-products/" rel="nofollow">Exchange Traded Product (ETP) </a>inflows. The unexpected influx of capital from institutional investors could set the stage for a potential uptrend ahead of the <a href="https://bitcoinist.com/cardano-chang-hard-fork-2021/" rel="nofollow">Chang hard fork</a>.&nbsp;&nbsp; 
<h2 id="cardano-inflows-skyrocket-300">Cardano Inflows Skyrocket 300%</h2> 
On July 29, CoinShares, a leading firm in the crypto ETP industry, released a weekly <a href="https://blog.coinshares.com/volume-193-digital-asset-fund-flows-weekly-report-beee6a750b13" rel="nofollow">report</a> on the <a href="https://www.newsbtc.com/news/crypto-funds-flourish-in-2023-coinshares-reports-2-2-billion-inflow/">fund flows of various digital assets</a>. According to CoinShares, digital asset investment products saw a relatively muted inflow of approximately $245 million in the last week.&nbsp; 
Among the list of digital assets which recorded new flows, <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pulls-back-70k/">Bitcoin (BTC)</a> recorded the largest <a href="https://www.newsbtc.com/news/market-downtrend-trigger-bitcoin-inflows-from-institutional-investors/">increase in inflows</a>. The pioneer cryptocurrency experienced a healthy inflow of $519 million, achieving a month to date inflows of $3.6 billion.&nbsp; 
More impressively, <a href="https://www.newsbtc.com/news/cardano-rides-the-etf-wave-inflows-surge-to-1-1-million-details/">Cardano recorded a surge in inflows</a> into its ETP, totaling approximately $1.2 million. This massive inflow surge represents a whopping 300% addition from the previous week. Furthermore, Cardano’s strong performance has effectively placed it second among all crypto ETPs.&nbsp; 
Sharing a “Flows by Asset” chart of Cardano and various other prominent cryptocurrencies, CoinShares reports that institutional investors have invested a total of $11 million into Cardano-oriented investment products. Additionally, Cardano’s month to date inflow has seen about $2.4 million. 
During its report, CoinShares also revealed that the <a href="https://bitcoinist.com/ethereum-etfs-get-sec-nod-debut-set-for-tomorrow/" rel="nofollow">launch of Ethereum Spot Exchange Traded Funds (ETFs)</a> witnessed some of the largest inflows since December 2020. This also led to newly issued ETFs experiencing a staggering $2.2 billion in inflows while trading volumes in <a href="https://www.newsbtc.com/analysis/ada/cardano-ada-falls-ethereums-decline/">Ethereum (ETH)</a> rose by 542%.&nbsp; 
In the case of Cardano, following its 300% surge in ETP inflows, the price of the cryptocurrency witnessed a <a href="https://www.newsbtc.com/news/cardano/cardano-price-surge-17-crypto/">slight rebound from previous bearish trends</a>. Following a surge to about $0.8 some time in March 2024, Cardano’s price has been <a href="https://www.newsbtc.com/news/cardano/cardano-price-tumbles-grayscale-sells-ada/">undergoing a corrective phase</a>, declining below the $0.4 price mark. 
With the <a href="https://bitcoinist.com/cardano-sets-stage-chang-hard-fork-node-upgrade/" rel="nofollow">Chang hard fork</a> underway following the deployment of Cardano node 9.1.0, the <a href="https://www.newsbtc.com/news/cardano/cardano-analyst-ada-to-2x-after-breakout-chang-hard-fork-as-tailwinds/">market sentiment</a> surrounding the cryptocurrency has been somewhat more positive. Analysts like ‘Sssebi’ on X (formerly Twitter) have <a href="https://x.com/av_sebastian/status/1817189949298606130?s=46" rel="nofollow">deduced</a> that Cardano was the most undervalued asset amongst the top 10 cryptocurrencies. The analyst disclosed that investors should remain bullish on Cardano, predicting upsides for the cryptocurrency.&nbsp; 
<h2 id="update-on-ada-price-analysis">Update On ADA Price Analysis</h2> 
Despite experiencing <a href="https://www.newsbtc.com/news/cardano/cardano-down-sellers-unrelenting-best-time-to-buy-ada/">constant declines in its price</a> over the past few months, Cardano has steadily <a href="https://www.newsbtc.com/analysis/ada/cardano-ada-dips-under-0-4233-will-the-bears-continue-to-rule/">consolidated around the $0.4 price level</a>, underscoring the cryptocurrency’s strength and resilience during unfavorable market conditions. CoinMarketCap reports reveal that the cryptocurrency is currently trading at $0.4, reflecting a 4.34% decrease in the last 24 hours.&nbsp; 
Analysts like Sssebi continue to <a href="https://x.com/av_sebastian/status/1818127521105281396?s=46" rel="nofollow">maintain</a> a <a href="https://www.newsbtc.com/altcoin/cardano-ada-altcoins-price-boosts-santiment/">bullish outlook</a> for the cryptocurrency, anticipating future price increases during the bull cycle. According to Sssebi, Cardano is set to outperform in the crypto market, catalyzed by its booming ecosystem consisting of hundreds of Decentralized Applications (DApps).&nbsp; 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/usxwGVIr/" alt="Cardano ADA price chart from Tradingview.com" width="3286" height="1518">

Institutional Investors Show Interest In Cardano, Triggering 300% Surge

Innholdsfortegnelse

NewsBTC

Andre artikler publisert på 31. juli 2024

XRP Price Skyrockets: Is a $1 Target Within Reach by Year-End?

Bank of Japan Raises Interest Rates and Impacts Crypto Market

Liquidium Starts Letting Users Borrow Bitcoin Liquidity Using Ordinals & Runes As Collateral

Chainlink Proof of Reserve Now Backs 21Shares Core Ethereum ETF

The New Heights of the World’s Best Crypto Presales or Moon Protocol for Investors

M.I.T Alumni Maurice Herlihy Unveiled in BlockDAG's Power Squad: Next Stop, Top 30—Beating Chainl...

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!