Cardano, a cryptocurrency rivaling Ethereum, is expected to reach all-time high of $2 before the end of 2022, predicts Nigel Green, CEO and founder of the deVere Group.
The bullish outlook came after Cardano (ADA), the fifth-largest cryptocurrency, jumped almost 50% just seven days before the launch of a major new technology and currently has a market cap of over $47 billion.
He said: “Cardano is maturing in 2022 and we can expect its price to skyrocket and take a large market share from crypto competitors including Ethereum.
I’m sure we’ll see Cardano reach new all-time highs before the end of the year as updates continue.”
“The main reason for Cardano’s price spike over the past week is due to the hype surrounding the January 20th launch of SundaeSwap, which will use its groundbreaking underlying blockchain technology.”
The crypto lawyer further explains, “SundaeSwap is a decentralized cryptocurrency exchange where users can buy, sell, lend, borrow, and swap Cardano tokens, as well as the exchange’s native SUNDAE tokens.”
According to reports, 2 billion SUNDAE tokens were issued at Thursday’s launch, with 55% going to the public, 25% to developers, and the rest to investors and advisors.
“I’m sure we’ll see Cardano reach new all-time highs before the end of the year as updates continue,” said Nigel Green.
“We are approaching the next phase of the five distinct Cardano eras. The next phase is called Basho – after the Japanese poet – and promises to further improve the network’s scalability and interoperability, both through improvements in and out of the network.
“This will inevitably attract investors who are likely to increase their influence on the cryptocurrency, which will significantly increase its price.”
Greene said last September: “Cardano is likely to be a rival for Ethereum because not only can it be used as a currency, but its blockchain — the technology it runs on — can also be used to create smart contracts, protocols and decentralized applications. In addition, it is said to be significantly more scalable than Ethereum.
“It will also challenge the almighty Bitcoin. Indeed, those who are already investing in digital assets or considering doing so know that one of the secrets to successful investing is diversification.
“Therefore, these investors will also want their cryptocurrencies to be diversified, and this will likely end up reducing Bitcoin’s market share.”
Discussing the current price bounce, Green concluded, “I think this is just the beginning of what should be a monumental year for Cardano.”