Cardano (ADA) has some major projects in the pipeline. Its ATALA Prism project in Africa has already partnered with Ethiopian and Tanzanian governments. After the successful implementation of updates like Alonzo, the Cardano blockchain has achieved complete decentralization. In the aftermath of these updates, Cardano native token ADA saw a massive inflow of traders and also had significant price improvements.
However, the third-generation blockchain is still overtaken by newer cryptocurrencies like Dogecoin. Dogecoin is a meme cryptocurrency that does not offer as much utility as ADA. At the moment, ADA is valued at $1.79, while DOGE has crashed back to $0.534 after its recent SNL debut. Cardano has a market cap of $57.8 billion that allows it to be ranked as the seventh-largest cryptocurrency in the world, although it is still behind Dogecoin with a market cap of $86 billion.
How far can ADA Go?
Some analysts opine that it would take ADA more time to acquire a higher price evaluation. There are also speculations that the ADA bull rally has reached its limits for this season. Benjamin Cowen, a cryptocurrency analyst, believes otherwise. Cowen was invited for an interview by co-founders of Altcoin Daily, Austin, and Aaron Arnold. Cowen replied that its bull run is not over yet when asked about ADA performance.
He added that at present, there’s no point in holding an altcoin that cannot overtake Bitcoin eventually. Cowen believes that ADA outperforms Bitcoin in the bull market. He advises traders to invest in the ADA for the long haul because its prices would experience a slow but steady escalation. The risks with ADA investment have increased since it’s grown from $0.02 to $1.37. Nevertheless, the risk is worth taking since ADA is very likely to go higher.
Is Cardano Set to Register a New ATH of $2?
Cowen told the YouTube followers of Altcoin Daily that ADA is far away from its peak value for the ongoing rally. In the past 24 hours, the Cardano token was up 3.87%, getting an evaluation of $1.80. Cowen believes that the market top for the altcoin does not comply with its historical behavior. He also added that the altcoin could register somewhere from $5 to $10.
At the moment, Cardano is looking at scoring another ATH of 2 USD, provided that there are no diversions. Cowen told the ADA holders that they should be ready for a massive price appreciation, and he would be pleasantly surprised if the third-generation cryptocurrency can go higher than $10.