Looking at the chart, any cryptocurrency investor will see that Cardano is currently suffering. Digital assets are currently falling together with other markets, which is affected in the case of China Evergrande. With the development of the situation, the market has been in a downward trend. Its biggest connection to the market is that Tether allegedly owns some Evergrande bonds.
This has spread to the crypto market to a large extent. After the news came out, Bitcoin fell to a one-month low, and with the emergence of altcoins, the price of Cardano also fell. It hit a low that has not been seen since the beginning of the rally in August. Current indicators indicate that the market is prepared to fall further. But Nigel Green, CEO of deVere, believes that although ADA may decline, it will never be out.
Cardano’s winning streak is not over yet
Green explained why his craze for Cardano is far from over. The CEO cited the recent technological advancement of the project, namely the recent addition of smart contract functionality to the blockchain. Therefore, Green pointed out that digital assets will soon hit a record high.
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Talk to Inside story, The CEO pointed out that Cardano currently enjoys a reputation as a “green” cryptocurrency. As the broader crypto market rebounds, Green predicts that the price of digital assets will reach $4 by the end of 2021. Given the asset’s current price point, reaching this point will increase by 91%.
One of the main reasons for Green’s optimism about Cardano has to do with the use of the Internet. The recently added smart contracts now bring the booming Decentralized Finance (DeFi) market to Cardano. The use cases of blockchain have been added again. DeVere CEO believes that its ability to solve problems is the main driving force.
“What you should pay attention to is the use of cryptocurrency, its existence in the market, market value and its underlying solutions. A cryptocurrency that solves a problem may be more successful than a cryptocurrency that does not solve the problem. The longer the cryptocurrency is in the market Longer, the more trust it gains, and the cryptocurrency developed on a strong network will last longer,” Green told Insider.
ADA price falls to $2.11 | Source: ADAUSD on TradingView.com
Equally optimistic about Ethereum
Green’s optimistic outlook does not only depend on Cardano. The CEO also explained that he is also bullish on Ethereum. The reason is basically the same as that given for Cardano. Their large use cases make both projects important to users and are therefore expected to rise in the market. Investor interest in the project has also grown, which makes it more valuable than most projects on the market.
According to Green, Ethereum will outperform Bitcoin. The CEO said that although Pioneer cryptocurrency will definitely return to its previous record high before the end of the year. Let the price of Bitcoin rise further by 50%. Not surprisingly, given his position, Green believes that Ethereum will be trading at a higher price than Bitcoin in the next five years.
Featured image from Investors King, chart from TradingView.com