One look at the charts and any crypto investor will see Cardano is currently suffering. The digital asset is currently down with the rest of the market, which is suffering in the wake of the Evergrande situation in China. The market has been in a downtrend as the situation has evolved. Its biggest ties to the market being the fact that Tether allegedly owns some of the Evergrande bonds.
This has spilled over into the crypto market in a big way. Bitcoin fell to one-month lows with the news and as the altcoins have followed, Cardano has recorded receding prices also. Hitting lows that haven’t been seen since the rally began in August. Current indicators point to the market poised for further decline. But deVere CEO Nigel Green believes that while ADA may be down, it is definitely not out.
Cardano’s Streak Is Not Over Yet
Green explained his reasoning behind Cardano’s hot streak being far from over. The CEO cited the recent technological advancements in the project, namely the recent addition of smart contracts capability to the blockchain. Due to this, Green points out that the digital asset will be setting new all-time highs soon.
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Talking to Insider, the CEO pointed out that Cardano currently has a reputation of being a “green” cryptocurrency. Along with a broader crypto market rally, Green sees the price of the digital asset hitting $4 by the end of 2021. Given the current price points of the asset, this would be a 91% increase to get to this point.
A major reason behind Green’s bullish stance on Cardano has to do with the applications of the network. The recent addition of smart contracts has now brought the booming decentralized finance (DeFi) market to Cardano. Once again increasing the use cases of the blockchain. The deVere CEO believes that its ability to solve problems is a major driving force.
“Things you should be looking at are the purpose of the cryptocurrency, how long it has been in the market, market capitalization, and its underlying solutions. Cryptocurrencies that solve problems are likely to succeed more than those that do not. The longer a cryptocurrency has been in the market, the more trust it has attained, and cryptocurrencies that are developed on strong networks will stand longer,” Green told Insider.
ADA price falls to $2.11 | Source: ADAUSD on TradingView.com
Just As Bullish On Ethereum
Green’s bullish outlook does not fall solely on Cardano. The CEO also explained that he was just as bullish on Ethereum. Reasons for this were basically identical to the ones given for Cardano. Their vast use cases make both projects important to users and are thus poised to rally higher in the market. Investor interest has also grown in the project, which has made it more valuable than most projects in the market.
Related Reading | Cardano Founder Charles Hoskinson Says The Term Smart Contracts Needs To Be Changed
Ethereum, according to Green, is going to outperform bitcoin. Although the pioneer cryptocurrency will certainly return to its previous all-time high before the year ends, says the CEO. Giving bitcoin a price growth of 50% going further. Not surprisingly, given his stance, Green believes that Ethereum will trade higher than bitcoin in the next five years.
Featured image from Investors King, chart from TradingView.com