Ben Armstrong drops a hot take on ADA price action following the implementation of a critical technological upgrade on the Cardano mainnet.
On July 30, the decentralized proof-of-stake blockchain Cardano experienced a technological upgrade codenamed Mithril. The launch of this stake-based protocol came as the Charles Hoskinson-led team sought to reduce the node-synchronization time on the Cardano blockchain.
Given this strategic development, several Cardano investors and proponents have predicted varied percentage gains for ADA. Among those who have weighed in on ADA’s future price is the popular crypto influencer Ben Armstrong (AKA BitBoy). In a Tuesday Youtube strategy session, BitBoy and other reviewers discussed ADA’s potential to post a multi-digit gain as widely forecasted.
Could ADA Hit $100?
Citing Mithril’s launch on Cardano mainnet, some experts have predicted ADA to eclipse $31 per coin in the near term. On the other hand, other analysts have speculated that ADA could reach $100 later.
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Reacting to these predictions, Armstrong remarked that less than 10% of market participants invest in crypto assets based on network developments. He implied that Mithril’s launch on Cardano mainnet may not trigger a massive rally for ADA as expected.
The technological upgrade has reduced the time and resources needed to deploy a full Cardano node. With Mithril, users can also procure the current state of the Cardano blockchain without the retrieval of the network’s full history.
Regardless, BitBoy stated explicitly that ADA would not claim the $100 territory following Mithril’s deployment. “Guys, it is not reaching $100 per coin,” he remarked. However, he did not rule out the possibility of ADA to soar to $100.
Hence, he stated some factors that could trigger the multi-digit percentage gain to achieve $100 per ADA token. According to BitBoy, a huge dollar devaluation could fuel a rally in ADA and other crypto asset prices.
However, increasing whale activities could positively impact ADA. As published, Cardano Sharks and Whales recently accumulated over 420M ADA despite the asset’s struggling performance. ADA is exchanging hands at $0.298 at press time, up only 4.33% in the last 30 days.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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