7 October 2024
Max Kaiser, a famous Bitcoin backer, recently caused a stir by saying that Cardano (ADA) could lose 90% of its value against Bitcoin in the next six months. His prediction has gotten a range of responses, from doubt to fun, especially from people who support the ADA like the Cardano Whale. Some people see this prediction as a chance to buy at a lower price, while others are more wary because the crypto market is so unstable.
It’s easy to see why so many people are sticking with Bitcoin: it keeps looking like the best asset for long-term buyers. Bitcoin has a good brand associated with their value and a decentralized nature that gives it the push. It’s also a relatively stable cryptocurrency compared to many, with the sheer size of the network effect, an infrastructure firmly supported by institutional players, and high liquidity.
Cardano (ADA) will lose another 90% vs. Bitcoin over the next 6 months. pic.twitter.com/jQHhJg1m59
— Max Keiser (@maxkeiser) October 5, 2024
What Makes Cardano Stand Out
Although Kaiser made a somewhat negative forecast, Cardano is demonstrating that cryptocurrencies are a real competitor. By offering a solution that can last longer and expand with the demands of the society, it seeks to be superior to Ethereum and other smart contract platforms.
Cardano focuses on scalability, energy efficiency, and building a strong base for decentralized applications and finance projects. It uses a peer-reviewed academic method and proof-of-stake consensus.
But things haven’t been easy for ADA. Some market observers say that the fact that it is taking a long time to catch on and grow is a big problem. Many investors are confused as to whether ADA is going to maintain its edge in the smart contract platform space post the price going down quite sharply over the last year. Cardano has to step up the act as it is playing against stiff competition in a game by renowned companies.
A Mixed Bag For The Short Term
Even though there are problems, Cardano has a small chance of getting a boost in price. CoinCodex recently made a price prediction that says Cardano’s price will go up by 17% and hit about $0.42492 by November 6, 2024. The current mood of the market is neutral, and the Fear & Greed Index also has a score of 50, which means it is balanced. In the last 30 days, there have been 63% “green days” for Cardano, and the price has changed only 6%.
These details imply a level of stability that could lead people to invest. Thus far, Cardano has done well, which is an indication that it could well catch on, notwithstanding its remaining concerns. Analysts feel that these are the best times to buy-in since the probability of going up is consistent with the general trend of the market.
Featured image from Vecteezy, chart from TradingView