- Cardano reached a new all-time high within three hours of the start of the smart contracts in the test network.
- Input Output Hong Kong confirms that the final integrations for the mainnet upgrade on September 12th are on schedule.
- 97% of the wallet addresses holding Cardano are currently profitable, which is a sign of acceptance.
- Institutions remain positive on Cardano as weekly inflows into ADA investment products hit an all-time high.
Institutional interest in Cardano has hit a new high as inflows into Cardano funds surpassed Bitcoin by 165%. The altcoin is heading for the Alonzo hard fork planned for September 12th.
Cardano explodes before mainnet rollover, price rally continues
The Cardano price rose sharply in the past week. Input Output Hong Kong (IOHK), the company that developed the altcoin, has repeatedly published updates on the use of smart contracts in the test network.
Yesterday we upgraded the #Cardano Testnet and successfully used the #Plutus #smartcontracts capability. The focus is now on the final unit tests and the Exchange integration before the #Alonzo mainnet upgrade, which is still planned for September 12th #Cardano $ ADA pic.twitter.com/lrdiYIiNKD
– Input Output (@InputOutputHK) September 2, 2021
In the run-up to the introduction of the smart contract functions in the Cardano-Testnet, the altcoin rose by 140%. In the past 90 days, Google searches related to Cardano and its price have peaked. At the same time, the profitability of the wallet addresses holding the altcoin has increased.
A key indicator, the Global In / Out of the Money (GIOM) model, classifies the addresses according to whether they are making profits with their positions at the current price, are working to break even or are losing money.
According to GIOM, 97% of the wallet addresses holding Cardano are currently in profit. This shows the meteoric increase in activity between $ 1.68 and $ 2.24. Approximately 307,000 addresses have been trading Cardano between these price levels, providing support for the altcoin in this area.
Global In / Out of the Money (Cardano).
Institutional investors have noticed the rising popularity of altcoin, and more capital has been invested in Cardano funds than ever before. Cardano-based funds saw $ 10.1 million in inflows versus $ 3.8 million outflow from Bitcoin.
The analysts at FXStreet have a positive outlook on the altcoin. Cardano is expected to continue its uptrend to $ 4 as the altcoin cleared the strong resistance at $ 2.97.