Cardano continues to witness heightened on-chain activity after whales recently amassed 40 million ADA, worth a whopping $31.6 million.
This uptick in buying pressure has been instrumental in accelerating Cardano’s price. According to CoinGecko data, the ninth-largest cryptocurrency based on market value has been 20% up in the past week to hit $0.7942 at the time of writing.
Nevertheless, Cardano is in a key resistance zone between $0.77 and $0.80, making its next move crucial.
Cardano Steals the Show in Grayscale’s Top 10 Crypto Assets
According to a crypto proponent by the name Nala, “Cardano made it to the Grayscale Digital Large Cap Fund, officially. ADA is now ranked 4 in Grayscale’s Top 10 Crypto Assets by 1-Week Gains.”
As an investment product by leading asset management firm Grayscale Investments, the Grayscale Digital Large Cap Fund (GDLC) enables investors to widen their scope to a diversified portfolio of large-cap cryptocurrencies.
With Cardano coming fourth with a weekly gain of 8.6% after Ethereum, SUI, and Dogecoin on Grayscale’s Top 10 Crypto Assets, ADA’s exposure to institutional investors, such as wealth managers and hedge funds, continues to grow.
Therefore, this shows heightened institutional investors’ confidence in Cardano’s long-term utility and value.
Meanwhile, Cardano’s founder Charles Hoskinson believes that the altcoin will become the fastest cryptocurrency on the planet, thanks to the upcoming Ouroboros Leios upgrade.
