- Cardano hit a new all-time high within three hours of smart contract launch on the testnet.
- Input Output Hong Kong confirms that final integrations are on track for the September 12 mainnet upgrade.
- 97% of wallet addresses holding Cardano are currently profitable, a sign of support.
- Institutions remain bullish on Cardano as weekly inflows in ADA investment products hit an all-time high.
Institutional interest in Cardano has hit a new peak as inflow in Cardano funds exceeded Bitcoin by 165%. The altcoin is heading closer to the Alonzo hard fork scheduled for September 12.
Cardano explodes ahead of mainnet rollover, price rally to continue
Cardano price has surged in the past week. Input Output Hong Kong (IOHK), the company that developed the altcoin, has consistently shared updates of smart contract deployment on the testnet.
Yesterday, we upgraded the #Cardano testnet, successfully deploying #Plutus #smartcontracts capability. The focus now is on final component testing & exchange integrations, ahead of the #Alonzo mainnet upgrade, still on track for deployment on 12 September #Cardano $ADA pic.twitter.com/lrdiYIiNKD
— Input Output (@InputOutputHK) September 2, 2021
In the run-up to the launch of smart contract capabilities on the Cardano testnet, the altcoin has rallied 140%. Over the past 90 days, Google searches associated with Cardano and its price hit a peak. At the same time, the profitability of wallet addresses holding the altcoin has increased.
A key indicator, the Global In/Out of the Money (GIOM) model, classifies addresses based on whether they are profiting, breaking even or losing money on their positions at the current price.
According to GIOM, 97% of wallet addresses holding Cardano are currently profiting. This depicts the meteoric rise in activity between $1.68 and $2.24. Approximately 307K addresses have traded Cardano between these price levels, which builds up support for the altcoin here.
Global In/Out of the Money (Cardano).
Institutional investors have noted the rise in popularity of the altcoin, and more capital has been injected into Cardano funds than ever before. Cardano-based funds witnessed an inflow of $10.1 million against $3.8 million that flowed out of Bitcoin.
FXStreet analysts have a bullish outlook on the altcoin. Cardano is expected to continue its upward trend to $4 since the altcoin has overcome stiff resistance at $2.97.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

Why LIBRA meme coin promoted by Argentina President Milei is crashing?
LIBRA meme coin promoted by Argentina’s President Javier Milei is making headlines again, crashing nearly 15% on the day. A local Argentine media outlet, Perfil, reported that lawyer Gregorio Dalbón had requested Interpol for a red notice to be issued for Hayden Davis.

Metaverse narrative stalls as price action fades, but on-chain data signals continuing accumulation
Metaverse tokens Sandbox, Decentraland and Axie Infinity continue to face correction since they topped in early December. A Glassnode report suggests that despite price pullback, on-chain activity suggests holders accumulation.

DeFi user loses over $700K USDC in a sandwich attack that experts suggest could be money laundering
A DeFi trader became the subject of discussion among crypto community members on Wednesday after losing more than $700K worth of stablecoins to a sandwich attack on the Uniswap v3 protocol.

Tether on-chain activity surges to a six-month high with 143,000 daily transfers
Tether (USDT) stablecoin on-chain activity has rapidly risen, with over 143,000 daily transfers, surging to a 6-month high. Moreover, the USDT Network growth metric increases, indicating greater blockchain usage.

Bitcoin: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?
Bitcoin price extends its decline on Friday, falling over 5% so far this week. BTC uncertainty and volatility spikes liquidated $1.67 billion as the first-ever White House Crypto Summit takes place on Friday.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.