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Investors flock to Cardano as demand for the coin continues to rise

A new report has indicated that both institutional and retail investors are expressing interest in Cardano, and here's why.

@JakConnorTT
Published Wed, Jul 14 2021 6:31 AM CDT   |   Updated Wed, Aug 11 2021 2:14 PM CDT

Cardano (ADA) is getting more attention from both retail and institutional investors, according to a report from NewsBTC.

Investors flock to Cardano as demand for the coin continues to rise 01 | TweakTown.com

The report states that retail and institutional investors are becoming more attracted to cryptocurrency due to its energy footprint. Since ADA is a proof of stake blockchain, it requires much less energy to run, unlike other cryptocurrencies such as Bitcoin and Ethereum. Tesla recently stopped accepting Bitcoin as payment for its electric vehicles, citing the energy costs of mining Bitcoin.

NewBTC states that ADA has attracted more than $24 million in investments from institutions and that the coin is one of the leading cryptocurrencies to get the attention of investment funds that are willing to open to their wallets. At the moment, 70% of the entire ADA supply is currently being staked, and the price of the coin is sitting at around $1.20. For more information on this story, check out this link here.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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