It seems that despite the market corrections that have been taking place lately, the mass adoption of Cardano is going great. Check out the latest reports about the subject.
It’s been revealed that the host of popular YouTube channel Coin Bureau addressed the future of Cardano amid the Ethereum Rival’s recent lackluster performance.
The pseudonymous crypto analyst known as Guy said not too long ago that Cardano is witnessing a boom in adoption behind-the-scenes.
“The number of unique Cardano wallets has increased by more than 50%. The number of Cardano assets has more than doubled, dozens of DApps [decentralized applications] have deployed, hundreds more Cardano DApps are in development.”
He continued and pointed out the following:
“This suggests that there’s still lots of demand for ADA coming from retail investors and users. Remember that there seems to be a significant amount of demand for ADA coming from institutional investors too.”
How high can ADA go?
Regarding the reasons for which Cardano is down, Guy made sure to explain that the crypto asset is highly correlated with Bitcoin (BTC).
The crypto analyst also said that heavy selling from fintech companies also contributes to the current price movement of ADA.
Regarding the predictions about how high the price of Cardano can go, the analyst says that it will depend on the blockchain’s future developments.
“When you combine this constant sell pressure with Cardano’s massive market cap, ADA will be lucky to pull a 2x from here in the short term. It’s a very different story when it comes to ADA’s long-term potential, however, and how high ADA can go in the long term ultimately depends on Cardano’s upcoming milestones.”
At the moment of writing this article, ADA is trading in the red, just like the other altcoins in the crypto market. Stay tuned for more news, and make sure to keep an eye on the market.