According to the Coin Bureau, the use of Cardano is on the rise. Here’s What It Thinks About the Future of Ethereum Competitors
In the wake of Cardano’s recent poor performance, the presenter of the popular YouTube series Coin Bureau examined the prospects of the cryptocurrency.
Guy, a pseudonymous cryptocurrency analyst, claims that Cardano is seeing an increase in adoption behind the scenes.
According to crypto analysts, the number of unique Cardano wallets has increased by over 50%. Cardano’s assets more than doubled, dozens of DApps [decentralized apps] have been released, and hundreds of others are in the works.
This indicates that ADA is still in high demand among retail investors and consumers. Remember that ADA is also in high demand from institutional investors.
Due to the collapse of Cardano, Guy pointed out that the crypto asset is heavily tied to Bitcoin (BTC). They claim that massive selling by fintech firms is also contributing to the current ADA price volatility.
He also points out the fact that, despite apparently high demand, the price of ADA continues to fall, the only thing it can suggest is selling pressure coming from the other direction.
their best guess is that the IOG [Input Output Global]Imurgo and the Cardano Foundation are actively increasing their staff, gaining partnerships, sponsoring new Cardano initiatives, and even acquiring crypto-related firms to build the Cardano infrastructure. .
There is no doubt that this will lead to significant long-term growth for ADA, but there is no doubt that this selling pressure is limiting ADA’s price potential in the short term.
The expert believes that the price of Cardano will be determined by future improvements to the blockchain.
the boy saysWith this continuing selling pressure and Cardano’s massive market cap, ADA will be lucky to gain 2x in the immediate term.
However, when it comes to the long-term potential of ADA, the picture is completely different, and how far ADA can go in the long run is ultimately determined by Cardano’s upcoming milestones.