• Sat. Jul 20th, 2024

Cardano and Stellar Increase In Value While Bitcoin And Ethereum Take The Back Row

Jun 21, 2021

The two new blockchain platforms Cardano (ADA) and Stellar Lumens (XLM), an open-source payment platform on the blockchain, are rapidly getting attention. Their adoption is much more than what Bitcoin and Ethereum are experiencing at the moment, from institutional investors as per CoinShares. CoinShares is a digital asset investment firm.

Heavyweight investors are readily investing and providing positive inflows to Cardano (ADA) and Stellar Lumens (XLM). These assets are much more prominent than all the other assets that are bleeding constitutional money in the industry. This information was unveiled by CoinShares in a new report that it released on the digital asset markets.

The firm reports that ADA received cash inflows worth $1.7 million in the last seven days. On the other hand, Stellar Lumens saw cash inflows worth 1 million in the same seven days.

Over the past seven days, Cardano has shown stability in its rates in US dollars which previously went down 1.5% over the past seven days.  Similarly, Stellar Lumens is also at a declining rate and fell over 7%, at the time of writing, in the past seven days. Then it jumped into the red territory with the new value.

The report by CoinShares states that outflows totaling $12.7 million were observed by the blockchain platform Ethereum on its cryptocurrency Ether in the same week. While the world’s first cryptocurrency Bitcoin saw cash outflows of worth 10 million USD over the past seven days. The funds received by Cardano and Stellar Lumens are on the rise. This is despite the fact that the digital asset investment product suite of both these blockchain-backed assets is seeing outflows of 21 million USD.

Till now, most of the cryptocurrencies have managed to come into the green territories after recovering from the major fall from last month. However, bitcoin is still in the red territorial zone and saw outflows worth 156.8 million USD month-to-dates.

According to CoinGecko, despite the lower cryptos rising in the market, the cryptocurrency sector has still gone down by a total of 4%. It is currently observing a valuation of $1.52 trillion since the institutional money seems to be leaving the financial market.

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