Cardano (ADA), one of the largest altcoin projects, is in the focus of many investors. For this reason, while the price movement is widely followed, the price points that analysts draw attention to are curious. In this article, we will convey the comments of two analysts on crypto money, as well as the latest developments in the Cardano ecosystem. Here are the details…
Cardano network expands: Hoskinson’s commitment draws attention
Currently, Cardano (ADA) is not in its best position, with the overall bearish sentiment in the market. Charles Hoskinson, founder of Ancka Cardano, continues to argue that if the bull market starts, an influx of institutional investors will start the network. Hoskinson echoes his hopeful words that “Cardano will become the world’s financial operations system.”
He specifically talks about the project “providing banking services to people who do not have access to the bank”. He points out that it provides people with an economic identity. Indeed, Cardano comes to the fore with the economic opportunities it offers in some countries on the African continent. Apart from that, Hoskinson says hundreds of projects will become operational on the Cardano network. He thinks that especially corporate companies will enter the network in 2024-2025.
Some analysts hopeful for ADA
On the other hand, some analysts predict bullish for ADA. Dan Gambardello of Crypto Capital Venture, for example, made a wild prediction. He claimed that the $500 billion market cap for ADA could be seen in the next bull run. It is worth noting that currently the market cap of ADA is $14.3 billion. If the analyst’s extreme prediction comes true, that is, if ADA sees a market cap of $500 billion, the price of ADA will go up to $15. The cryptocurrency is currently changing hands at $0.42.
In his analysis, the analyst drew attention to the Basho and Voltaire updates that are expected to occur in the ecosystem. Such updates can cause a rise in cryptocurrencies. But Gambardello’s 3,500 percent rise forecast is overly optimistic. At this point, it should be emphasized that analysts’ comments should not be believed blindly. Investors should invest in cryptocurrencies in line with their own research. There is no certainty in the forecasts of analysts.
Possibility of 10x increase in price
Moving on to more probable predictions, the latest comments from CoinBureau, a Youtube channel, stand out. CoinBurea’s host Guy mentioned that ADA and Algorand (ALGO) will do well in the next bull run. Guy predicts that ADA will attract attention if institutional investors start to enter the crypto space. Overall he thinks the updates/upgrades are positive for Cardano. According to analysts, if there is a recovery in the market, the price of ADA has the potential to make 10x. This brings the coin to a level of $4.20.
