Investing.com – The latest rally in the Cardano blockchain cryptocurrency continued at a rapid pace on Thursday for the third day in a row.
A week ago, the third-largest cryptocurrency by market capitalization was still trading just below $ 2.50, now it climbed to a peak of $ 3.04 on Thursday morning. The previous record of $ 2.97 was closed. Most recently, Cardano was up 9 percent on Thursday via Investing.com to $ 3.01.
the announcement of the release date for the Alonzo upgrade caused euphoria. The much-noticed upgrade brings smart contracts to the Cardano blockchain and the doors to DeFi and dApps open to the network.
The eagerly anticipated hard fork is scheduled for September 12th. Cardano founder Charles Hoskinson on Friday last week, they are right on schedule.
Institutions in the Cardano shopping frenzy
The prospect of smart contracts on the Cardano blockchain also attracts institutional investors.
In a recent report from digital asset manager CoinShares, 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).
Overall, crypto investment products saw $ 24 million in inflows for the week ended August 27. Compared to the previous week, this is a decrease of about $ 3 million.
ADA / USD – technical analysis
A spurt above the psychologically important mark of $ 3.00 was considered by crypto analysts to be a major signal generator for a continuation of the price rally.
If the ADA succeeds in stabilizing its price above the round mark, the arguments for a new, with high probability, dynamic trend impulse will increase.
A first, important upside target would then be $ 3.50.
A slide below $ 2.70, on the other hand, would mark a negative course and the starting signal for a larger corrective movement towards $ 2.50.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.