Investing.com – Not only private investors but also professional investors are relying more and more on the ADA cryptocurrency of the Cardano blockchain. According to this, Cardano investment products recorded greater inflows in the past week than ever before since the smart contract platform was founded in 2017.
No wonder. Because the crypto world is eagerly awaiting the release of the Alonzo upgrade, which is all about smart contract integration and should come on September 12th.
With a price jump of 1,487 percent since the beginning of the year, ADA is one of the top performers. The cryptocurrency peaked on August 23 at $ 2.96. In August alone it increased by 110 percent.
According to a recent report from digital asset manager CoinShares, its market share continues to grow thanks to significant capital inflows from institutional investors.
“Cardano saw its largest inflow since its inception this week at $ 10.1 million, increasing its market share to 0.15 percent.”
Since the beginning of the year, Cardano has seen institutional investments surge to $ 55 million. As reported by CoinShares, altcoins are on the up and nearing an all-time high in terms of assets under management (AUM).
“Altcoins (inclusive) now account for 32 percent of total digital assets under management, which is close to the record high of 35 percent reached in mid-May this year and the high of 30 percent seen in January 2018.”
Among the altcoins, Ethereum accounts for the lion’s share of assets under management with around $ 14.27 billion, or about a quarter of the market share of digital assets.
“Ethereum saw $ 17 million in inflows last week, with outflows in only 7 of the last 16 weeks. Ethereum’s market share remains stable at 25 percent.”
The smart contract blockchains and also registered inflows of less than $ 3 million each.
“Both Solana and Polkadot continued to see inflows of $ 2.7 million and $ 1.5 million, respectively. Solana has now overtaken AuM from and now has a total of $ 15.7 million.”
(BNB) and (XRP) bucked the general altcoin trend, recording outflows of $ 3.3 million and $ 300,000, respectively.
Investment professionals continued to withdraw capital from Bitcoin investment products, CoinShares noted.
“Had outflows for the eighth straight week. Total outflows are $ 3.8 million. There have been outflows in 14 of the last 16 weeks.”
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