Cardano – the third largest cryptocurrency by market cap – has been in a rage for some time. Enthusiasts and organizations have high hopes for the network, due to its strong and growing fundamentals. Moreover, analysts are expecting ADA price to explode, heading towards ATH.
The network’s robust core fundamentals, combined with its ongoing adoption and future-ready protocol. Accommodates the interests of space enthusiasts. Netizens anticipate a hack, after the coin moves towards ATH.
Cardano Price, to start a quick run soon?
The famous analyzer represents a chart depicting Cardano’s movements. The currency has been following the trend of a parallel descending channel since early September. The cryptocurrency broke the channel, and we can expect it to consolidate along with the support levels.
Before heading towards resistance in the range 2.5 dollars to me $2.7. If it exceeds resistance, it will travel towards its own ATH. Respectively, it is advisable to make purchases while the coin is along the support levels.
Also Read: Is Cardano Better Than Ethereum? Find out what a report on the series says?
The world’s largest digital currency asset manager believes Cardano is undervalued!
Grayscale’s report indicates that Cardano may be undervalued compared to Bitcoin and Ethereum. Due to its strong fundamentals and adoption over the past 12 months. Many factors prove their worth over their peers.
which is next:
- Cardano currently accounts for more payout per unit of market capital than its direct competitors.
- Over the past 12 months, over $1.6 trillion in total transaction value has settled on the chain. Which is about 40% less than Ethereum and about 50% less than Bitcoin.
- Cardano’s market cap is around 80% and 90% less than that of Ethereum and Bitcoin.
- Currently, Cardano has approximately 2.8 million monthly active users, while Ethereum has around 7 million. This needs no explanation for how underestimated it is, despite its potential.
- It also has a lower market value per user. While the value of Ethereum per user is around $55,000, Cardano is worth about $30,000.
- The network currently processes more than 115,000 transactions per day. Which has increased 13-fold since the beginning of 2021.
In summary, Cardano is ready for the big league set to greatly redefine the space. Being undervalued despite its potential. It gives investors more than one reason to look at the currency. The network is seeing momentum in the De-Fi and NFT space. With a steady adoption rate, Cardano may eventually produce fortunes.
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risks, so you should always do your own research before making decisions. We do not recommend investing money that you cannot afford to lose.
