Analysts State Reasons Why Cardano (ADA) Will Go Bullish in the Coming Months
Cardano (ADA), the fifth-largest cryptocurrency by market capitalization, has been winning the interest and trust of institutional investors, due to the steady development in the ecosystem and its energy-efficient proof of stake (PoS) consensus algorithm. This is the major...
Cardano (ADA), the fifth-largest cryptocurrency by market capitalization, has been winning the interest and trust of institutional investors, due to the steady development in the ecosystem and its energy-efficient proof of stake (PoS) consensus algorithm.
This is the major reason why a lot of crypto analysts and traders have been bullish on Cardano (ADA). Aaron Arnold, the host of the popular crypto YouTube channel, Altcoin Daily, has touted Cardano (ADA) as a cryptocurrency with bullish potential ahead of the implementation of its smart contracts functionality.
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In a new video shared with his teeming subscribers on YouTube, Arnold pointed out that Cardano (ADA) is on the cusp of benefiting from the upcoming Alonzo hard fork, which is expected to activate smart contracts on the Cardano blockchain.
He also referenced a weekly report from CoinShares that shows the increased interest of institutional investors in Cardano (ADA), even more than both Bitcoin (BTC) and Ethereum (ETH).
Read Also: Macro Investor Dan Tapiero Explains How Inflow of Institutional Investors Will Boost Ethereum (ETH)
According to the CoinShares’ report, the digital token ADA recorded $10 million inflows from institutions in the previous week, when Bitcoin and Ethereum were experiencing whopping outflows.
Lark Davis Thinks the Next Few Months Could Be a Cardano (ADA) summer
Lark Davis, a popular crypto analyst and trader, is of the opinion that the next few months could a Cardano (ADA) summer.
According to Davis, the digital token ADA will shock traders with a series of potentially bullish developments.
Read Also: Investors See Alternative to BTC in Cardano (ADA) – eToro’s Resident Crypto Expert
“Cardano is ready to freakin’ explode. In fact, it actually hit a new all-time high in price the other day.
But I think that we could be in for a bit of a Cardano summer, so to speak, with loads of new applications launching in anticipation of the smart-contract launch on Cardano.”
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