Institutional interest in Cardano has hit a new peak as inflow in Cardano funds exceeded Bitcoin by 165%.The altcoin is heading closer to the Alonzo hard fork scheduled for September 12.Cardano explodes ahead of mainnet rollover, price rally to continue Cardano price has surged in the past week.Input Output Hong Kong (IOHK), the company that developed the altcoin, has consistently shared updates of smart contract deployment on the testnet.Yesterday, we upgraded the — Input Output (@InputOutputHK) [#Cardano] testnet, successfully deploying [#Plutus] [#smartcontracts] capability.The focus now is on final component testing & exchange integrations, ahead of the [#Alonzo] mainnet upgrade, still on track for deployment on 12 September [#Cardano] [$ADA] [pic.twitter.com/lrdiYIiNKD] [September 2, 2021] In the run-up to the launch of smart contract capabilities on the Cardano testnet, the altcoin has rallied 140%.Over the past 90 days, Google searches associated with Cardano and its price hit a peak.At the same time, the profitability of wallet addresses holding the altcoin has increased.
A key indicator, the Global In/Out of the Money (GIOM) model, classifies addresses based on whether they are profiting, breaking even or losing money on their positions at the current price.According to GIOM, 97% of wallet addresses holding Cardano are currently profiting.This depicts the meteoric rise in activity between $1.68 and $2.24.Approximately 307K addresses have traded Cardano between these price levels, which builds up support for the altcoin here.Global In/Out of the Money (Cardano).Institutional investors have noted the rise in popularity of the altcoin, and more capital has been injected into Cardano funds than ever before.
Cardano-based funds witnessed an inflow of $10.1 million against $3.8 million that flowed out of Bitcoin.FXStreet analysts have a bullish outlook on the altcoin.Cardano is expected to continue its upward trend to $4 since the altcoin has overcome stiff resistance at $2.97.Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
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