Cardano is a favorite among American users on eToro. The number of ADA holders has increased despite the delay in the highly anticipated Alonzo hard fork.
Institutional demand for Cardano has grown significantly over the past few months. Grayscale, a leader in digital currency investment, recently rebalanced its big-cap fund with 335.32% returns.
The asset management firm acquired ADA using the proceeds from the sale of existing fund components. Now, the funds component per share is 66.3% Bitcoin, 26.5% Ethereum, 4.3% Cardano, 1% Bitcoin Cash, 1% Litecoin and 0.9% Chainlink.
Likewise, retail investors in the US are increasingly confident in Cardano’s potential. ADA emerged as the most held cryptocurrency on eToro in the second quarter of 2021, replacing BTC.
The social trading platform saw a 51% increase in demand for Cardano compared to the previous quarter.
Simon Peters, eToro crypto market analyst, said:
”2nd. Cardano provided a clearer roadmap for the Alonzo hard fork, which is currently in the testing phase. If successful, it will bring smart contract functionality, allowing smart contracts to be written and implemented on the Cardano Blockchain for the first time. This upgrade will be important as it will enable developers to build projects on the network, helping Cardano position itself as a true “competitor” like Ethereum.”
Peters mentioned that the upcoming Alonzo hard fork has increased the optimism of the investors. A wide variety of DeFi applications can be deployed on the Cardano Network once the smart contract functionality is enabled by the upcoming hard fork.
Buterin also affected by Cardano hard fork
Vitalik Buterin, the founder of Ethereum, seems impressed with the steps IOHK has taken to improve the utility of the Cardano protocol.
“There are definitely interesting ideas out there. I think Cardano takes a slightly different approach than Ethereum because they really emphasize having this great academic evidence for everything, whereas Ethereum tends to be better with heuristic arguments. Partly because [Ethereum] is just trying to make it faster. But there are definitely some very interesting things coming out of IOHK Research.”