The price of little-known cryptocurrency Cardano will jump to more than $3 in the next month, predicts Nigel Green, chief executive of deVere Group.
Cardano’s Its price has gone up by more than 36% in the last week and its market capitalisation currently stands at $90,6-billion, making it the world’s third-largest digital currency after bitcoin and Ethereum. Year-to-date, it has surged 1 300%, and hit a previous all-time high of $2.41 in May.
“People say it has come ‘from nowhere’ and it’s ‘an overnight success’ but this is not true,” Green says. “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.
“Cardano is on a clear upward trajectory and there’s no reason to think that this will come to a halt any time soon. 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 adds.
Green says there are three main drivers currently fuelling the Cardano price. “First, it’s being pulled by the broader crypto market rally. Total market capitalisation is back up to $2-trillion 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. There’s no doubt 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.”