Taking a look at the charts and any crypto investor, Cardano is currently suffering. The digital asset is currently down with the rest of the market, which is suffering due to Evergrande’s situation in China. With the development of the situation, the market has been in a downtrend. Its biggest association with the market is that Tether reportedly owns some of the Evergrande bonds.
It has spread to the crypto market at large. Bitcoin fell to a one-month low with the news and as the altcoins followed suit, Cardano also registered a drop in price. Hitting a low never seen since the rally began in August. Current indicators are pointing towards further downside in the market. But Devire CEO Nigel Greene believes ADA may be down, but certainly not out.
Cardano’s streak isn’t over yet
Green explained his reasoning behind the end of Cardano’s hot streak. The CEO cited recent technological advances in the project, namely the recent addition of smart contract capabilities to the blockchain. Due to this, Green explained that the digital asset will soon set a new all-time high.
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Speaking to Insider, the CEO explained that Cardano currently has a reputation for being a “green” cryptocurrency. With a broad crypto market rally, the price of the green digital asset reaches $4 by the end of 2021. Looking at the property’s current price points, it would take a 91% increase to reach this point.
One of the major reasons behind Green’s bullish stance on Cardano has to do with the network’s applications. The recent addition of smart contracts has now enabled the rapidly growing decentralized finance system for Cardano.[डीआईएफआई]brought to the market. Once again increasing use cases of blockchain. The DeVere CEO believes that its ability to solve problems is a major driving force.
“Things you should pay attention to are the purpose of the cryptocurrency, how long it has been in the market, its market capitalization, and its underlying solutions. Cryptocurrencies that solve problems are more likely to be successful than not. The longer a cryptocurrency has been in the market, the more confidence it has gained, and the longer a cryptocurrency developed on a stronger network will last,” Green told Insider.
ADA price falls to $2.11 | Source: ADAUSD on TradingView.com
Just as Bullish on Ethereum
Green’s Bullish Outlook does not fall solely on Cardano. The CEO also pointed out that he was equally optimistic on Ethereum. The reasons for this were basically the same as those given for Cardano. Their wide use cases make both projects important to users and thus ready to rally higher in the market. There has also been increased investor interest in the project, which has made it more valuable than most of the projects in the market.
Related Reading | Cardano founder Charles Hoskinson says the duration of smart contracts needs to change
According to Green, Ethereum is about to beat Bitcoin. The CEO says however that the leading cryptocurrency will certainly return to its previous all-time high before the year ends. Giving bitcoin a price increase of 50% going forward. Not surprisingly, given his stance, Green believes that Ethereum will trade more than Bitcoin in the next five years.
Featured image from Investors King, chart from TradingView.com