Cardano saw $16 million of inflows as analysts believe it could be the next Bitcoin
The second-largest crypto in terms of market cap is Ethereum (ETH). It has recently been observed that its investment products garnered inflows amounting to $17 million alongside assets under management that are well above $21 billion. The altcoin Cardano...
- The second-largest crypto in terms of market cap is Ethereum (ETH).
- It has recently been observed that its investment products garnered inflows amounting to $17 million alongside assets under management that are well above $21 billion.
- The altcoin Cardano (ADA) is turning investors’ heads as the crypto also saw substantial inflows for altcoins.
If the reports are anything to go by, Cardano’s inflows have amassed $16.4 million in the last week which is deemed as a huge leap in comparison to the previous report’s five million dollars. This translates to an impressive 227 per cent surge in terms of weekly inflows.
It’s worth noting that Cardano’s recent performance may well seem to be anticipated by crypto folks. It is said that this positive spike in the altcoin is pretty much caused by the recent happenings within its ecosystem, not to mention the various collaborations across regions like Africa. In line with this, it is believed that these mentioned developments are said to be producing other results as well.
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Cryptocurrency firm CoinShares stated that they have yet to figure out the discernible catalyst for it. That said, it believes that the inflows experienced by both Cardano and Ethereum could be the result of the surging positive sentiment of investors for what they described as “world computer coins.”
Cardano the next bitcoin?
There are cryptocurrency pundits out there who see Cardano as the next Bitcoin (BTC) for several reasons.
One of them is Cardano’s transaction speed. Bitcoin can only process 30 transactions per second while Cardano can process 250, not to mention that ADA folks are working on levelling it up even further.
Another characteristic of Cardano is the altcoin’s environment-friendly profile. Reports suggest that ADA utilizes the equivalent of two power plants in power in a year. A lot? Yes. But this is relatively less if bitcoin’s energy consumption comes into play.
Lastly, Cardano is tapping this peer review method in its development process. This means that it is a requisite for the cryptocurrency’s academic peers to study the changes within the altcoin’s platform before giving the approval to implement such changes.
The above-mentioned could put Cardano to a stature similar to bitcoin, but better.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
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