After Bitcoin and Ethereum, institutions are now investing massively in Solana (SOL) and Cardano (ADA). This is what digital asset manager CoinShares reports in a new report.
Cardano through Alonzo-Hope on the rise
There has been no stopping Cardano (ADA) for days: within the last 24 hours, ADA has been able to rise by 4% to $ 2.91, and even that is almost vanishing compared to the weekly performance, which currently stands at more than 40%.
More impressive only the increase in the last month-which is in the three-digit range at 129%. A few hours ago, the coin even managed to reach a new all-time high: $ 2.97 according to Coinmarketcap.com. Although the third-placed cryptocurrency by market capitalization has withdrawn slightly in the meantime. But it does not seem that the rally is already easing.
The trigger for the sharp increase is likely to be the planned Alonzo update from Cardano. This should come soon and finally equip ADA with smart contract functionality. According to Cardano founder Charles Hoskinson, the release is now scheduled for September 12. This is a sure thing,” so far everything looks great, everything looks green, and we have fun, ” says the US programmer. However, there is still a lot of work to be done.
Institutions may have high expectations for the update. Because: As digital asset manager CoinShares reports, large companies are currently pouncing mainly on two coins: Solana (SOL) and Cardano (ADA). According to a new report, Solana has more than twice as much institutional capital as Ethereum, for example. CoinShares:
“Solana, an Ethereum competitor that offers flexible infrastructure and faster transaction processing, saw the largest inflows among digital assets last week, totaling $ 7.1 million.“
Bitcoin continuously records Capital Outflows
Ethereum (ETH), for example, recorded smaller inflows of a total of $ 3.2 million last week. Altcoins such as Cardano, Litecoin (LTC) and Polkadot (DOT) saw inflows of $ 6.4 million, $ 1.8 million and $ 1.1 million respectively.
For comparison: Ethereum competitor Solana saw $ 7.1 million inflows, Cardano $ 6.4 million. High-flyer Cardano is therefore only slightly behind Solana, which also has a successful week behind it: Solana was able to rise around 5% within the last 24 hours, and only on 21 August the latest all-time high of 81.81 dollars was reached.
Bitcoin, on the other hand, has now recorded outflows totaling $ 2.8 million for the seventh week in a row, according to the report. CoinShares explains: The fact that no capital comes in may indicate a negative mood-but it would also “hide very mixed flows at all providers”.
You can view the entire CoinShares report here (no registration required).
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