Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Cardano Sees Massive weekly Inflows as Active ADA Wallets Hit One Million
According to the Cardano Foundation, its network has finally achieved a critical milestone of 1 million ADA wallets. The escalation in the number of wallets on the Cardano network can be attributed to the recent upgrade that introduced smart contract functionality.
ADA was among the best-performing cryptos before the market tanked last week. The cryptocurrency made successive highs as it spiked above $2.00 en-route to new highs of almost $2.40.
ADA’s price has risen more than 1,000 percent this year, highlighting the growth of proof-of-stake assets amid the latest wave of environmental FUD in the markets.
Most Environmentally Sustainable
Year-to-date, Cardano investment products have taken in $24 million in institutional assets compared with $4.13 billion for Bitcoin and $924 million for Ether. ADA has been in the headlines recently after the coin gained huge margins over the past few weeks.
The network has elevated itself as the ‘most environmentally sustainable’ cryptocurrency. ADA has seen strong inflows of $10 million, while Bitcoin funds saw an outflow of $110.9 million during the same week. Ether outflows totaled $12.6 million.
According to CoinShares, institutional investment managers purchased $10 million worth of ADA products for the week ending May 24. Cardano investment funds drew more capital than other digital assets.
5x in Five Months
Pieter Nierop, Cardano enthusiast, tells his 21,100 Twitter followers that thousands of new ADA wallets are being formed daily. He said that the speed of wallet creation is over 6,800 per day, even on days when the price goes down.
He urges his followers to encourage new people to stake their ADA as it gives them excellent rewards, it’s simple to do, and helps protect the network.
Currently, almost $33.95 billion worth of ADA is held in stake pools across the world. That accounts for 70% of the total ADA coins in existence, and they’re held in roughly 2,500 stake pools.
Nierop also shared a chart illustrating that the number of ADA wallets has grown nearly 5x in five months.
The Cardano network expects massive upgrades this summer. Smart-contract functionality on ADA’s blockchain is expected to be launched by August 2021 by the development team behind the Ethereum competitor, Input Output Hong Kong (IOHK).
The firm is also preparing to launch a converter that will allow users to swap supported Ethereum tokens (ERC-20) to unique Cardano-based tokens.