CRYPTO: Bitcoin, Ethereum rival Cardano tipped to hit all-time highs next month
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The price of cryptocurrency Cardano will jump to more than $3 in the next month, predicts the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations.
The prediction comes as little known Cardano (ADA) now rises to become the world’s third largest digital currency after Bitcoin (BTC) and Ethereum (ETH).
Its price has gone up by more than 36% in the last week and its market capitalisation currently stands at $90.60 billion. Year-to-date, it has surged 1,300%. Cardano’s price hit a previous all-time high of $2.41 in May.
Cardano is now just behind the major headline grabbers Bitcoin and Ethereum.
People say it has come ‘from nowhere’ and it’s ‘an overnight success’ but this is not true. It was created by Ethereum co-founder Charles Hoskinson and launched in 2017, and experts have been seriously watching it with growing interest for more than 18 months.
Cardano is on a clear upward trajectory and there’s no reason to think that this will come to a halt any time soon.
In fact, momentum is likely to pick up and I believe that the price of Cardano will reach all-time highs in the next month, hitting more than $3.
There are three main drivers currently fuelling the price of this cryptocurrency.
First, it’s being pulled by the broader crypto market rally. Total market capitalisation is back up to $2 trillion again.
Second, its upcoming network upgrade in September, putting its blockchain in a strong position to take on Ethereum, the most used blockchain in terms of smart contract functionality.
There’s no doubt that smart contracts - transactional protocol that lives on the blockchain and that automatically run when predetermined conditions are met – are going to have a major positive impact for almost every sector in the near future.
And third, Cardano will keep benefitting from its reputation of being a ‘green’ cryptocurrency compared to the likes of Bitcoin, which is not considered as efficient in energy consumption.
I’ve been bullish on Cardano for a long time, amongst other cryptocurrencies.
But there’s a now real sense it is about to break out.
Nigel Green is the CEO of the deVere Group