Cardano (ADA) has recorded a significant 500% surge in inflows over the past week, indicative of renewed investor interest in altcoins.
Increased Interest in Altcoins
Following weeks of outflows, the CoinShares report reveals an increase in inflows within the altcoin market. According to the data, digital asset inflows reached $226 million last week. Altcoins recorded $33 million in inflows, marking their first major gain in five weeks.
Cardano's Financial Performance
In the week ending March 24, Cardano recorded $0.1 million in inflows. However, in the past week, this increased to $0.6 million, marking a 500% rise.
Price Forecast for Cardano
As of writing, ADA is down 1.94% in the last 24 hours to $0.657 and 11% in the previous seven days. It is crucial to monitor the support level at $0.60.
The sharp increase in Cardano inflows suggests a potential resurgence of interest in altcoins after a prolonged outflow period.
