Cardano’s demand has outstripped supply. Bitcoin, an altcoin, has become a popular among investors in the United States.
Cardano is gaining traction because to its potential use cases and high return on investment.
Meanwhile, the impending Alonzo hard fork’s smart contract capability is expected to boost demand even more.
Cardano has been a popular choice among eToro users in the United States. Despite a delay in the widely anticipated Alonzo hard fork, the number of ADA holders has surged.
Cardano has seen a considerable spike in institutional interest in recent months. Grayscale, a digital currency investment leader, has rebalanced its large-cap fund, which has returned 335.32 percent.
ADA was purchased with revenues from the sale of existing fund components by the asset management firm. 66.3 percent Bitcoin, 26.5 percent Ethereum, 4.3 percent Cardano, 1 percent Bitcoin Cash, 1 percent Litecoin, and 0.9 percent Chainlink make up the fund’s current component per share.
Similarly, retail investors in the United States are growing more optimistic about Cardano’s potential. In the second quarter of 2021, ADA has surpassed BTC as the most widely held cryptocurrency on eToro.
In comparison to the previous quarter, demand for Cardano increased by 51% on the social trading platform.
According to Simon Peters, a crypto market expert at eToro,
Cardano published a more detailed timeline for its forthcoming Alonzo hard fork, which is now in testing. If successful, it will enable smart contract capabilities on the Cardano blockchain for the first time, allowing the authoring and implementation of smart contracts. This improvement is essential because it will allow developers to create projects on the network, allowing Cardano to portray itself as a true “competitor” to Ethereum.
The forthcoming Alonzo hard fork, according to Peters, is fueling investor excitement. When the Cardano Network’s smart contract capabilities is enabled via the forthcoming hard fork, a wide range of DeFi apps can be implemented.
Interestingly, Vitalik Buterin, the founder of Ethereum, appears to be impressed by IOHK’s efforts to improve the Cardano protocol’s utility.
Buterin stated, ”
There are some intriguing concepts in there. I believe Cardano differs from Ethereum in that they place a greater emphasis on having large academic proofs for everything, whereas Ethereum is more comfortable using heuristic arguments. Partly because [Ethereum] is simply attempting to accomplish more in less time. IOHK Research, on the other hand, produces some really fascinating results./n
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