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Grayscale Investments announced their Q1 2023 funds rebalancing report on March 6, showing a stronger position by Cardano (ADA). The position was increased in Grayscale’s Smart Contract Platform Ex-Ethereum Fund (GSCPxE). It should be noted that the investment firm is the world’s largest digital currency asset manager.
In the updated report by Grayscale Investment, Cardano now has a position of 28.13%, slightly higher than in Q4 2022. The GSCPxE Fund offers its investors exposure to various smart contracts outside the Ethereum ecosystem. This feature showcases the growing importance of the Cardano blockchain platform in the ever-increasing ecosystem of smart contracts.
The report also sheds some light on the scenario where Grayscale Digital Large Cap Fund saw a slight decrease in Cardano’s share which were 1.86% in Q4 2022 and reduced to 1.69% in Q1 2023.
The Grayscale Digital Large Cap Fund’s basket shows that despite the reduction in Cardano’s share, ADA is still among the top digital assets in the fund’s basket. ADA shares the basket with Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Polygon (MATIC).
More on Cardano (ADA)
When writing, Cardano (ADA) was trading at $0.3811 and suffered by 1.95%, value against Bitcoin dropped by 1.71% to 0.00001364 BTC, and its volume stumbled by 10.10% from $252 million in the last 24 hours. Ranking at number 7, ADA enjoys a market dominance of 1.12%. The ROI for Cardano was 1659.50%.
The price action of Cardano ADA is slowly moving toward the trend line while. This movement is supported by slightly curving EMA and a positive MACD. However, ADA must first cross the immediate resistance at the $0.4230 mark to enter the supply zone. It could bounce down from that and consolidate further.
The rally might bounce off the demand zone and oscillate further if it cannot continue. But a clean breakdown through the demand zone would depend on multiple variables.
Grayscale Digital Large Cap Fund LLC
When writing, the fund traded at $6.67 after dropping by 1.62%; previous close and open were at $6.78 and $6.69, respectively. With an average volume of 73,415 shares, the market cap is strong at $105.836 million.
A slightly upward-moving EMA and sideways-moving MACD give mixed signs about its growth perspective. However, the price retests the previous high in the short term and could move up to the touch supply zone. Since the start of 2023, the price has been moving in a tight spectrum and might break in any direction.
The movement toward the demand zone may or may not occur, but if it does, it could bounce back from the upper limit.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
