The ongoing crypto winter has put Bitcoin, Ethereum, Cardano and most cryptocurrencies in an unbearable downtrend for the past six months. In this environment, most cryptocurrencies have lost more than half of their value.
“The local fund for Cardano risks being here”
Last month, the global cryptocurrency market cap fell to $ 1.4 trillion, a far cry from the November high of $ 2.9 trillion. According to data from CoinGecko, the total market capitalization is currently $ 890 billion. Attempts to stabilize prices, however, are based on ongoing geopolitical concerns. There is a confused fight against rising inflation figures. Furthermore, the market remains under pressure due to regulatory uncertainties.
However, cryptocurrency analyst Newton Gitonga says that amid all the chaos, Cardano (ADA) is moving away from general market weakness. According to the analyst, ADA is signaling it is poised for a massive recovery. cryptocurrency.comAs you may recall, it hit an all-time high of $ 3 last fall. Since then, it’s the seventh largest cryptocurrency with a market cap of $ 15.9 billion. Cardano is back at $ 0.40 in May 2022, down about 86.31% from the peak.
However, the analyst thinks ADA’s strength is gaining momentum, despite the bloody sale. According to the analyst, Cardano now threatens to recover other assets. The price has recently seen significant increases due to events such as the network update. The analyst says that traders have experienced some of the longest monthly price hikes in the past two weeks. This indicates that the local minimum may be here, according to the analyst.
“ADA is likely to hit $ 10 very soon.”
Technical factors aside, the experts rely heavily on Cardano’s fundamentals, which they believe will be the catalyst for the next big Bull Run. According to Dan Gambardello, founder of Crypto Capital Venture (CCV), one of Cardano’s biggest strengths “is that it doesn’t break like other protocols. The expert predicts that ADA will hit $ 10 “much sooner than most people think”.
Will the updates be catalysts for Cardano?
Security, low transaction costs and a great environment for builders. It has seen a notable increase in the number of projects carried out on Cardano. More than 1000 projects are currently under construction on Cardano. Non-fungible token collections (NFTs) take the largest share. Other projects include stablecoins, loan protocols, startup incubators. DeFi protocols and decentralized exchanges (DEX) are also included. Meanwhile, the number of ADA wallets has surpassed 3.5 million, approaching Solana’s number of wallets.
According to Cardano founder Charles Hoskinson, Vasil Hard Fork is getting closer. This update is expected to bring a “big performance boost” to the network. The analyst says this could be a precursor to ADA’s price recovery. Earlier last week, ADA developers provided a new version of the node for Vasil, as well as a Plutus-compatible node. This is part of the final testing process before the upgrade. Meanwhile, Vasil’s update is expected to happen by the end of the month.
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