Cardano Future:: Digital currencies have been very unpredictable but Bitcoin has seen major Peaks. Every time after celebrating a Skyrocket it Retreats considerably and has taken several years to eclipse the previous High but we can’t go back in time. It is fun to look at how Bitcoin has risen over the years and most importantly seek to know if there is currently a similar Trend.
Cardano Future: Is Cardano about to repeat history?
Back in 2019, there was a lot of excitement when 94 Bitcoin were sent to an unknown address for a network fee of about $700. It was interesting sight because large sums like that were not regularly moved in such a fashion in 2019. However, way back in the early days of Bitcoin people saw large transactions like this frequently without batting an eyelid either and fees were less than a penny per transaction. Now today when you take a look at the Forum discussions on Reddit people get excited when they talk about obtaining a single Bitcoin. People got bitcoins for free in the early days of bitcoin and they spent it online for purchasing things etc. Now when those people looked at their bitcoin value, they regret why they did not hold their bitcoins for some years.
There are now more cryptocurrencies competing for the throne and Cardona Ada is one of them. Many people hold on to the belief that is good to relive history through old stories. That is also helpful to see how much the system has changed and improved. Over the last 13 years, there is always something going on in the crypto World daily. In 13 years bitcoin cryptocurrency has gone from having no monetary value to surging above 60000 dollars in the previous year. For investors who got in in the early days and have held on to their investments, the returns have been mind-blowing. Bitcoin first crossed the 1$ dollar threshold in February 2011. The first main Surge and popularity occurred in 2013 with prices spiking as high as 1242 dollars. After a couple of years, Bitcoin crossed the 50000 USDT threshold in February 2021 and broke through 60000 dollars in April 2021. Then it reached an all-time high of over 69000 dollars despite a ban from China.
No one had the idea that the young cryptocurrency would yield any substantial returns but here it is now giving investors a run for their money. Despite its appalling limitations, the founder of crypto Capital Venture Dan Gambardello has directed The Gaze of investors to the past when he unveiled the possibility of Cardano treading the same path as Bitcoin. In one of his YouTube videos, he revealed the similarity between the performance of Cardona Ada in 2022 and the performance of Bitcoin in 2013. Using the weekly charts of ADA he shared that there is a lot of opportunity in Ada for investors. He shared his perspective and pointed out that Cardano is extremely undervalued in the long term.
The crypto expert further unveiled various instances as to why he believes in the Ada Bitcoin resemblance. He also shared a clip of Andreas Antonopoulos Bitcoin video which dated back to 2013 discussing the subject of Bitcoin. The conference had hardly any audience and it was around the time when Bitcoin had a market capitalization of just over a billion dollars and proceeded the one trillion dollars a few years later. This event is connected to Cardano, at the moment of Dan garmadello’s video Cardona was trading at a market cap of over 13 billion dollars and was predicted to align with bitcoin’s pattern. With a closer look at both cryptocurrencies, it’s easy to judge that their Technologies are somewhat similar. Every investor wants to go back to the time when investors yielded massive returns and stability but the current moment is not the right time to have a repeat of History.
Macroeconomic factors and the fed’s interference are not helping the matter or struggling to mitigate inflation. The Federal Reserve announced a widely anticipated fourth consecutive 0.75% hike in early November. Raising interest rates can slow inflation by making borrowing more expensive and therefore less appealing. The move further increases debt costs for Americans already struggling with the rising prices of everything. The inflation rate has remained stubbornly high only slowing from a June peak of 9.1% to 8.2% in September.
Fed chair Jerome Powell has reaffirmed his commitment to lowering inflation with continued rate hikes in recent months.However, in August, he acknowledged that increasing the cost of borrowing will bring some pain to households and businesses. Increasing interest rates discourages economic growth which can trigger a recession. Many people are already battling with the Rising costs to lose their jobs. Although more increases may cause some pain. The fed’s policy is meant to lower prices but they are likely to reconsider as reports of his negative resulting effects on the populace keep plaguing the system.
Cardano Future Potential: Cardano is one of those projects that is far more potential than merely being a profitable investment due to the foundation and peer-reviewed academic research. The network has grown into a strong Community. However mid-September Ada exhibited weak price sensitivity with its funding rates on Binance and the gradual increase in these rates accompanied a price decline. Buyers could factor in bitcoin’s movements and their effects on the wider market and make a profitable move. Anyways Cardano has long been a favorite in long-term crypto investors despite the coin’s struggle the past few months. Several reports revealed that faith in the project remained strong among investors as well a pair of charts revealed that the number of transactions volume and on-chain activity has continued to increase.
Thus emphasizing that the protocol is being used more than ever. Current Ada holders have also embraced the idea of accumulating a token in the face of falling prices. There was a 0.59% increase in holders between 1000 and 10000 coins, all the way up to 4.95%. Also, Cardano nfts have seen a spike in volume with investors heading to the chain from its closest Rival Solana. This sudden move came in after the leading Solana Marketplace magic Eden instructed that it would make royalties optional sparking concerns that new connections will be discouraged from launching on the blockchain. Plus the Vasil hard fork was completed successfully two months ago. Even though it didn’t lead to a surge in price. It will certainly make Cardano more compelling to decentralize developers moving forward.
Some other upgrades are on the way with MuesliSwap (The First Cardano DEX) successfully integrating plutus (leading Crypto Rewards card that gives 8% Cashback) and SundaeSwap (cadano DEX) now using Hydra. As a result of its carbon Net Zero configuration, it has already attracted huge interest from institutional and Venture Capital investors. It is long promised mass of returns but the next Bull Run whenever it will be could see exponential growth. But sometimes it looks like the good side of Cardano is just not enough to cover up. The weakness is, the ADA coin has continued to fall short of investor expectations once one of the top five cryptocurrencies by marketcap. Cardano is currently at a real risk of falling out of the top 10.
Final words about Cardano Future: A quick rescue mission is needed right? It’s just amusing how Bitcoin back in its early days got investors. So enthralled even with its dumps it still garnered attention back then it was okay to buy the dip in Bitcoin. But right now will investors do the same for Cardano Ada?
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