The price of cryptocurrency Cardano will jump to more than $3 in the next month, predicts the CEO of one of the world鈥檚 largest independent financial advisory, asset management and FinTech organisations.
Nigel Green, chief executive of deVere Group, which has $12bn under advisement, made the prediction after little-known Cardano鈥檚 ADA token became the world鈥檚 third-largest digital currency after Bitcoin (BTC) and Ethereum (ETH).
Its price has rocketed recently despite a slight fall back in the last two days. Its market capitalisation currently stands at more than $82 billion, with a year-to-date surge of 1,300%.聽
鈥淐ardano is now just behind the major headline grabbers Bitcoin and Ethereum,鈥� said Green.聽
鈥淧eople say it has come 鈥榝rom nowhere鈥� and it鈥檚 鈥榓n overnight success鈥� 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.
鈥淐ardano is on a clear upward trajectory and there鈥檚 no reason to think that this will come to a halt any time soon.聽聽
鈥淚n 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.
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鈥淭here are three main drivers currently fuelling the price of this cryptocurrency. First, it鈥檚 being pulled by the broader crypto market rally. Total market capitalisation is back up to $2 trillion again.
鈥淪econd, 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.聽
鈥淭here鈥檚 no doubt that smart contracts – transactional protocol that lives on the blockchain and that automatically run when predetermined conditions are met 鈥� are going to have a major positive impact for almost every sector in the near future.
鈥淎nd third, Cardano will keep benefitting from its reputation of being a 鈥榞reen鈥� cryptocurrency compared to the likes of Bitcoin, which is not considered as efficient in energy consumption.鈥�
The deVere CEO concluded: 鈥淚鈥檝e been bullish on Cardano for a long time, amongst other cryptocurrencies.聽聽
鈥淏ut there鈥檚 a now real sense it is about to break out.”
Cryptocurrency