Cardano (ADA) The last 300% increase in the number of people using smartphones has been a major success. Exchange Traded Product (ETP) inflows. Unexpected capital inflows from institutional investors may have set up a possible upward trend ahead of time. Chang hard fork.
Cardano Inflows Skyrocket 300%
CoinShares released its weekly crypto ETP report for the week of July 29. report The newest way to get the best of your day fund flows of various digital assets. CoinShares reports that digital asset investments products have seen a fairly muted inflow in the past week of about $245,000,000.
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The list of digital assets that recorded new flows includes: Bitcoin (BTC) The largest recorded recording increase in inflows. This pioneering cryptocurrency has seen a good inflow of 519 million dollars, totalling $3.6 billion in a single month.
Impressively, Cardano recorded a surge in inflows The ETP received approximately $1.2 million. This huge inflow represents an incredible 300% growth from the week before. Cardano has also been ranked second in terms of performance amongst all crypto ETPs.
The Sharing of a “Flows by Asset” CoinShares, a cryptocurrency investment company that offers a chart showing Cardano alongside other popular cryptocurrencies and their respective market capitalizations, reports that institutional investors invested $11 million in Cardano products. Cardano also has a monthly inflow of about $2.4million.
CoinShares revealed in its report that there are also a number of issues with the cryptocurrency. launch of Ethereum Spot Exchange Traded Funds (ETFs) Some of the biggest inflows have been seen since December 2020. The newly released ETFs also saw a massive $2.2 billion of inflows, while the trading volumes were down. Ethereum (ETH) The rise in the number of roses has been 542%.
Cardano’s cryptocurrency price experienced a 30% increase after its ETP inflows. slight rebound from previous bearish trends. Cardano prices have been steadily declining since a price surge in March 2024 that reached $0.8. undergoing a corrective phasePrice drops below the $0.4 mark.
You can also use Chang hard fork Cardano 9.1.0 has been deployed. market sentiment The general sentiment has been more positive. Analysts like ‘Sssebi’ on X (formerly Twitter) have deduced Cardano is the least valued asset of the 10 most popular cryptocurrencies. Analysts should continue to be bullish about Cardano and predict positive outcomes for this cryptocurrency.
Update on ADA price analysis
Despite experiencing constant declines in its price Cardano’s price has been steadily increasing over the last few months. consolidated around the $0.4 price levelThis highlights the strength of cryptocurrency and its ability to withstand unfavorable markets. CoinMarketCap shows that cryptocurrency currently trades at $0.4, a decrease of 4.34% in the past 24 hours.
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Sssebi and other analysts continue to maintain A bullish outlook The bull market is a time when the price of the crypto currency will increase. Sssebi believes that Cardano will outperform the market due to its growing ecosystem, which includes hundreds of DApps.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com