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Cardano adoption is rising according to Coin Bureau – here is his forecast for the future of Ethereum competitors

The host of the popular YouTube channel Coin Bureau looks to the future of Cardano amidst the Ethereum Rival’s recent lackluster performance.
The pseudonymous cryptanalyst named Guy tells his 2.03 million subscribers that Cardano is seeing an adoption boom behind the scenes.

“The number of unique Cardano wallets has increased by more than 50%. The number of Cardano assets has more than doubled, dozens of DApps [decentralized applications] have deployed, hundreds more Cardano DApps are in development. This indicates that there is still strong demand for ADA from retail investors and users. Keep in mind that there appears to be significant demand for ADA from institutional investors as well.”

As for the reason for Cardano’s failure, Guy says that the crypto asset is heavily involved Bitcoin (BTC) correlated. He says strong selling by fintech companies is also contributing to ADA’s current price action.

“That the price of ADA continued to fall despite this supposedly strong demand can only mean one thing… There is more selling pressure elsewhere. My best guess is IOG [Input Output Global]Emurgo and the Cardano Foundation, which have aggressively expanded their teams, formed partnerships, supported upcoming Cardano projects and even directly acquired crypto-related companies to build Cardano infrastructure.

There is no question that this will lead to serious growth for ADA over the long term, but there is also no question that this selling pressure appears to be depressing ADA’s price potential in the short term.”

According to the analyst, how high the price of Cardano can rise depends on the future developments of the Blockchain away.

“When you combine this constant selling pressure with the massive market capitalization from Cardano, ADA will be lucky enough to hit a 2x here in the short term. However, it’s a very different story when it comes to the long-term potential of ADA goes, and how high ADA can go long-term ultimately depends on Cardano’s upcoming milestones.”

Check the price action

Source: Crypto News Deutsch

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