BusinessDay

Cardano chases Bitcoin, Ethereum to lead crypto market

The price of cryptocurrency Cardano will jump to more than $3 next month, giving Bitcoin and Ethereum, which are currently leading the crypto market, a run for their value.

Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organisations, believes the market dynamics are changing to favour Cardano.

The prediction from Nigel Green, which has $12 billion under advisement, comes as little known Cardano now rises to become the world’s third largest digital currency after Bitcoin and Ethereum.

Its price has gone up by more than 36 percent in the last week and its market capitalisation currently stands at $90.60 billion. Year-to-date, it has surged 1,300 percent. Cardano’s price hit a previous all-time high of $2.41 in May.

According to Green, “Cardano is now just behind the major headline grabbers Bitcoin and Ethereum.

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“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.”

Earlier this year, Cardano was added to deVere cryptos, the pioneering cryptocurrency exchange app, to join other major digital currencies including Bitcoin, Ethereum, Dash, Bitcoin Cash, XRP and Dogecoin.

“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,” says Green.

“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.”

The deVere CEO states further: “I’ve been bullish on Cardano for a long time, among other cryptocurrencies. But there’s a now real sense it is about to break out.”

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