Cardano, a rival cryptocurrency to Ethereum, is likely to hit all-time highs of $2 before the end of 2022, predicts deVere Group CEO Nigel Green.
The bullish guess comes as Cardano (ADA), the fifth-largest crypto, has jumped by almost 50 per cent in seven days ahead of a major new tech launch today, and currently has a market capitalization of more than $47 billion.
“Cardano is coming of age in 2022 and we can expect its price to soar and take more market share from crypto rivals, including Ethereum,” Green said. “The main reason why Cardano has jumped dramatically in price over the last week is due to the enthusiasm surrounding the launch today of SundaeSwap, which will make use of its pioneering underlying blockchain technology.”
Green explained SundaeSwap is a decentralized cryptocurrency exchange on which users can buy, sell, lend, borrow and swap Cardano tokens as well as the exchange’s own SUNDAE token. According to reports, two billion SUNDAE tokens are to be issued at the launch today, with 55 per cent going to the public, 25 per cent to developers, and 20 per cent to investors and advisers.
“I’m confident that we will see Cardano hit fresh all-time highs before the end of the year because the upgrades just keep on coming,” Green gushed. “We’re hitting the next stage of Cardano’s five defined eras of development. This next one is called Basho – named after a Japanese poet – and it promises to further improve the scalability and interoperability of the network through both on-chain and off-chain enhancements.
“Inevitably this is going to excite investors who are likely to increase their exposure to the cryptocurrency, driving up its price considerably.”
Last fall Green said Cardano is likely to be a challenger to Ethereum as not only can it be used as currency, but its blockchain can also be used to build smart contracts, protocols, and decentralized applications. Plus, it is said to be significantly more scalable than Ethereum.
Green believes it will also pose a challenge to Bitcoin because skilled investors are looking to diversify
“Therefore, these investors will want their cryptocurrencies diversified too and this is ultimately likely to eat into Bitcoin’s market share, Green concluded. “I believe this is just the start of what should be a monumental year for Cardano.”