Cardano is the self-proclaimed third-generation blockchain project founded by Charles Hoskinson. The institutional and retail interest in Cardano native token ADA has been on the rise. The investors who are looking for long-term positions found an option in ADA accumulation. Cardano team has recently broadcasted a detailed roadmap for implementation of Alonzo hard fork.
It is expected that the Goguen Era will be completed before the end of Q2 2021. Before the implementation of the hard fork, $31 billion worth of ADA has already been staked. On top of that, the Proof of Stake consensus model for Cardano that requires less energy and creates a negligible carbon footprint is also considered a great vantage point by investors.
Institutional Investors Have Invested $24 Billion in Cardano to Date
There are more than 4000 altcoins in the crypto space. In comparison to many other altcoins and tokens, Cardano has become a preferred choice for investment for institutional investors. At present, more than $24 billion are locked in different development projects on the Cardano network by institutional investors. However, Bitcoin and Ethereum are still in the top positions in this matter.
At present, Cardano is placed at the 5th rank on the crypto leader board in terms of being the largest blockchain project by market cap. Good news for the Cardano community arrived when fintech giant Grayscale decided to invest in Cardano to establish a new crypto fund. ADA has now become the third-largest crypto holding on Grayscale, coming after Bitcoin and Ethereum funds. ADA makes up about 4.26% of the entire Grayscale crypto holdings.
eToro is a cryptocurrency exchange based in the controversial state of Israel. The stats issued by the exchange released earlier this month postulates that ADA has become the most popular choice leaving behind Bitcoin and Ethereum. The main reason for the popularity of Cardano is the low price for each ADA unit. At present one, ADA is valued at $1.28.
Many investors who are looking for a better Bitcoin alternative also explore Cardano. The total circulation supply for Cardano is 32 billion units. Meanwhile, it also has a daily trading volume of $1.2 million. There are some speculations that Cardano would take off once all the updates are implemented. If the hypothetical take-off becomes true, the investors would be able to bag thousands of dollars in capital gains.