According to the Coin Bureau, Cardano use is on the rise. Here’s What It Thinks About the Ethereum Competitor’s Future
In the wake of Cardano’s recent underperformance, the presenter of the popular YouTube series Coin Bureau examines the cryptocurrency’s prospects.
Guy, a pseudonymous crypto analyst , claims that Cardano is seeing a surge in adoption behind the scenes.
According to the crypto analyst, the number of Cardano wallets that are unique has risen by more than 50%. Cardano assets have more than doubled, dozens of DApps [decentralized apps] have been released, and hundreds more are in the works.
This indicates that ADA is still in high demand among retail investors and consumers. Remember that there appears to be a lot of demand for ADA from institutional investors as well.
As to why Cardano is down, Guy explains that the crypto asset is heavily connected with Bitcoin (BTC). He claims that massive selling by fintech firms is also contributing to the current ADA price volatility.
He also tells the fact that, the price of ADA has continued to fall despite the ostensibly high demand can only suggest one thing… More sales pressure is coming from another direction.
His best estimate is that IOG [Input Output Global], Emurgo, and the Cardano Foundation have been actively growing their staff, obtaining partnerships, sponsoring new Cardano initiatives, and even outright acquiring crypto-related firms to construct Cardano infrastructure.
There’s no doubt that this will lead to significant long-term growth for ADA, but there’s also no doubt that this sell pressure is limiting ADA’s price potential in the short term.
The expert believes that the price of Cardano will be determined by the blockchain’s future improvements.
The Guy says, with this ongoing sell pressure and Cardano’s large market value, ADA will be lucky to get a 2x in the immediate term.
However, when it comes to ADA’s long-term potential, the picture is entirely different, and how far ADA can go in the long run is ultimately determined by Cardano’s impending milestones.