thecoinrepublic.com
• Grayscale has announced they have adjusted the portfolio of Grayscale Digital Large Cap Fund to now include $ADA.
• Cardano experienced $11 million in capital inflows from institutional assets.
• ADA has grown by a whopping 2276% since last year’s October
Cardano (ADA), the fifth largest cryptocurrency by market capitalization, has grown by a whopping 2276% since last year’s October. Despite the current drop in the values of most cryptocurrencies, Cardano has held its market position because of its own relative strength. Shortly ago, the blockchain company reached the milestone of over 650K staking addresses. Cardano experienced an addition of 50,000 new staking addresses to its database, in the last week alone. In addition, Cardano has been facing a relatively less steeper valuation decline compared to the crypto giants, Bitcoin and Ethereum.
Grayscale Adds Cardano to its Large Cap Funds
Cardano has been down by almost 40% during the recent market bottoms. The token has been successfully holding the $1-range and the bearish sentiments are starting to diminish. High chances are there that the token may recover rapidly. However, there may be many other factors that contribute to Cardano’s strength. Grayscale has announced they have adjusted the portfolio of Grayscale Digital Large Cap Fund to now include $ADA. Grayscale Digital Large Cap Fund is a passive, rules-based strategy that seeks to provide exposure to 70% of the digital asset market. Grayscale’s Large Cap Fund is also available for Bitcoin and Ethereum.
Cardano’s Smart Contract Integration may Even Enhance ADA Growth
With a 4.26% allocation, Grayscale is currently the third-largest holding in the fund. For very long time, Grayscale was considering Cardano’s listing. Soon after being listed for Grayscale’s large cap fund, ADA’s value exceeded that of Bitcoin Cash and Chainlink. Moreover, Cardano’s addition to its large cap funds will allow several accredited investors to directly participate as well as invest in the project. Amidst Bitcoin’s most recent dump brought about by its environment concern, Cardano experienced $11 million in capital inflows from institutional assets. However, Bitcoin on the other hand saw capital outflows worth $115 million. Clearly, investors were turning their attention to proof of stake assets.
Cardano is on the verge of releasing its smart contract integration era, which is called the Goguen. CTO of Cardano, Romain Pellerin says that they have already undergone two hard forks in December (Allegra) and February (Mary) to support the trade of the NFTs and native tokens. The intelligent contract support that is supposed to be launched this summer will allow developers to deploy smart contracts on the Cardano blockchain. To prevent risky chain splits, Cardano had used the hard fork Combinator. According to him, it is a mechanism that looks dynamically at the events of the system. Cardano’s integration with smart contracts may enhance its token popularity even more.