Dan Gambardello, founder of Crypto Capital Venture, highlighted the regulatory developments in Indonesia. The Southeast Asian country now sees this altcoin project as a commodity…
Dan Gambardello sheds light on Indonesia’s moderate approach to altcoins
Dan Gambardello, also a popular crypto analyst, highlighted key regulatory developments in Indonesia, where Cardano has been approved for trading as a commodity. Gambardello says this regulatory support, combined with the thriving Cardano DeFi ecosystem, paves the way for Cardano’s future growth.
The analyst also warned of risks associated with new altcoins and scams. He stressed the importance of understanding the context of these developments, particularly in relation to the broader crypto market.
The Indonesian government has released a list of tradable cryptocurrencies, including BTC, ETH, LTC, SOL, ADA, XRP, DOT, SAND, UNI etc., a total of 501 cryptocurrencies, covering almost all tokens recognized as securities by the US SEC. https://t.co/iVObrH1aXx
— Wu Blockchain (@WuBlockchain) June 18, 2023
Gambardello says Indonesia, the world’s fourth most populous country, is set to become the crypto capital of Asia, and with about 280 million tech-savvy people and a large unbanked population, the country offers a mature market for crypto adoption. The government’s robust and insightful regulatory support fuels this drive even more.
Gambardello also highlighted the unique opportunity Cardano offers in the current market. He believes Cardano’s current valuation of just over $10 billion is significantly undervalued, especially when compared to Ethereum’s $226 billion. He sees the period leading up to the next bull market after the 2024 Bitcoin halving as an ideal opportunity to evaluate the crypto game as a whole and be patient.
Benjamin Cowen identifies new opportunities for ADA
In his latest analysis, Cowen pointed out that Cardano is outperforming the previous cycle between 2018 and 2020 in the current bear market. This means that ADA investors suffer less than before.
Cowen also included a graph of ADA’s return on investment in his analysis. The blue line on the chart shows the bear market from January 2018 to March 2020. The orange line represents the current bear market that started in September 2021.
As a result, it turns out that the current bear market is experiencing a slower decline than the previous one. According to calculations, Cowen sees the orange line will reach the same length as the blue line on November 13, 2023. Cowen’s analyzes suggest the potential for a less serious impact on ADA compared to the previous bear cycle. As for the altcoin’s performance in the last 24 hours, ADA was one of the cryptocurrencies that experienced a price drop during this period.
ADA price predictions: What’s next for altcoin bulls?
Heralding the regulatory news in Indonesia, Gambardello also highlighted the unique opportunity Cardano offers in the current market. Cardano’s current valuation of just over $10 billion came in specifically against Ethereum’s $226 billion. He says the ADA is significantly undervalued as a result. 2024 Bitcoin sees the post-halving period as an ideal opportunity for ADA. cryptocoin.comYou can take a look at the ADA price estimates we have quoted in this article.
