Cardano’s ADA token posted record weekly inflows as investors geared up for the network’s upgrade, pushing the price up 20%, according to a report by Markets Insider on Tuesday.
- CoinShares stated products supported by ADA recorded inflows of $10.1 million worth of inflows in the week ending August 27.
- At the earlier stages of the month, Cardano stated the “purple” upgrade that is part of its Alonzo sequence of improvements. The network will handle smart contracts and other applications like the rival Ethereum network.
- James Butterfill, the CoinShares investment strategist, stated that people are trying to diversify, and people are taking a step further to look at other altcoins.
- ADA has more than doubled in value in August, hitting a record of almost $3.00 following a series of upgrades to its Cardano network. It’s overtaken XRP and Binance coin as the third-largest crypto by market capitalization.
Dmitry Mishunin, founder and CEO of HashEX, stated that Cardano and Ethereum have the propensity to host countless innovative projects. These programs will promote the value of the native tokens for both blockchains, driving their valuations. ADA USD up +2.86%, ETH USD +5.98%, XRP USD up +4.10%, BNB USD +2.11%