The price of Cardano (ADA) will jump to more than $3 in the next month, according to a leading market player, as the little known cryptocurrency now rises to become the world’s third largest digital currency after Bitcoin (BTC) and Ethereum (ETH).
Cardano’s price has gone up by more than 36% in the last week and its market capitalisation currently stands at $90.60 bln. Year-to-date, it has surged 1,300% having hit a previous all-time high of $2.41 in May.
Nigel Green, chief executive of deVere Group, one of the world’s largest independent financial advisory and fintech organisations, said that Cardano is now just behind the major headline grabbers Bitcoin and Ethereum.
“People say it has come ‘from nowhere’ and it’s ‘an overnight success’, but this is not true. It was created by Ethereum co-founder Charles Hoskinson and launched in 2017, and experts have been seriously watching it with growing interest for more than 18 months,” explained the deVere CEO.
Earlier this year, Cardano was added to the deVere Crypto cryptocurrency exchange app, to join other major digital currencies including Bitcoin, Ethereum, Dash, Bitcoin Cash, XRP and Dogecoin.
“Cardano is on a clear upward trajectory and there’s no reason to think that this will come to a halt any time soon,” said Green.
“In fact, momentum is likely to pick up and I believe that the price of Cardano will reach all-time highs in the next month, hitting more than $3,” he said.
Reasons driving price rally
There are three main drivers fuelling the price rise of this cryptocurrency.
“First, it’s being pulled by the broader crypto market rally. Total market capitalisation is back up to $2 trln again.
“Second, its upcoming network upgrade in September, putting its blockchain in a strong position to take on Ethereum, the most used blockchain in terms of smart contract functionality.”
Green explained that smart contracts – transactional protocol that lives on the blockchain and that automatically run when predetermined conditions are met – are going to have a major positive impact for almost every sector in the near future.
“And third, Cardano will keep benefitting from its reputation of being a ‘green’ cryptocurrency compared to the likes of Bitcoin, which is not considered as efficient in energy consumption.”
“I’ve been bullish on Cardano for a long time, amongst other cryptocurrencies. But there’s a now real sense it is about to break out,” the deVere CEO concluded.