Analyst Asserts 99.99% Chance of Cardano ADA Hitting $100 Milestone - ELEVENEWS
Analyst Ben Armstrong, aka Bitboy, shares insights on Cardano’s potential to reach $100. The climb to $100 would require over a 32,000% increase in value. Cardano takes a step toward improving network speed...
- Analyst Ben Armstrong, aka Bitboy, shares insights on Cardano’s potential to reach $100.
- The climb to $100 would require over a 32,000% increase in value.
- Cardano takes a step toward improving network speed and efficiency with Mithril.
In a recent YouTube video, crypto influencer Ben Armstrong, popularly known as Bitboy, shared his insights on the possibility of Cardano (ADA) reaching the monumental $100 milestone.
With unwavering confidence, Armstrong declared that the chances of ADA surging to that level are 99.99%, albeit over time.
The catalyst behind this optimism is the recent launch of Mithril on Cardano’s mainnet. According to Cardano’s official development team, Input Output Global, the upgrade represents a pivotal step toward enhancing the network’s speed and overall efficiency. Reportedly, one of the critical benefits of Mithril is its ability to reduce the time required for nodes to synchronize with the blockchain, thus speeding up transactions.
— Input Output (@InputOutputHK) July 31, 2023🎯 Milestone alert! Mithril is live on the mainnet, and the first certificate and snapshot has been produced.
Some SPOs are already involved in testing Mithril, and we welcome new signers to join and test the Mithril protocol.
Become part of the Mithril network and join… pic.twitter.com/WTVqHZrhuC
Meanwhile, in the video, Bitboy highlighted that the immediate impact of the Mithril launch on ADA’s price was not as substantial as expected. According to data from CoinMarketCap, ADA trades at $0.3078 with barely 2% growth over the past week.
The crypto influencer also evaluated a claim that the development activities on the Cardano network declined throughout July, causing investors to supposedly scrutinize developer efforts before placing their bets on ADA.
Armstrong queried his co-hosts Tim and Nick about the percentage of crypto investors who thoroughly evaluate blockchain development before investing in a particular token. They unanimously agreed that only a tiny fraction, typically less than 10%, indeed pays such close attention.
Regarding the ambitious $100 price target for ADA, Bitboy’s co-hosts argue that such an astronomical surge would be improbable based on the current dollar valuation unless hyperinflation becomes a prominent factor. In that case, the analyst theorized that the dollar’s devaluation could drive cryptocurrency prices to astonishing heights, making even seemingly outrageous predictions feasible.
Notably, the climb to $100 would be no easy feat. It would require a staggering +32,000% increase in value, resulting in a massive $3.5 trillion market capitalization.
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