Mark O’Donnell
Blackbull Markets Limited
I want to make a quick aside before I get into the article: Are we allowed to substitute Bitcoin for Gold in common idioms yet? “I’m feeling as good as Bitcoin”, “All that glistens is not Bitcoin”, “She has a heart of Bitcoin”. Doesn’t sound too shabby if you ask me. Since Bitcoin is vying to be a store of value in competition with gold, perhaps these phrases will become ubiquitous one day.
Anyway, back to the issue at hand: What does it take for a crypto asset to hit all times highs? Apparently, these days, it takes the tweet of a billionaire influencer.
Earlier this year, Elon Musk tweeted his support for Bitcoin and Dogecoin. As a result, over the ensuing months, the price of each digital asset has reached highs of US$60K and US$0.069, respectively.
Just this Month, Mark Cuban expressed his interest in Ethereum just the asset hit a record price of US$2.1K.
I am asking myself at this point; what elite figure has expressed their support for Cardano? It is after all, the sixth largest digital asset in terms of market capitalisation and growing in popularity every day.
Cardano on Twitter
If you include Backstreet Boy Nick Carter as an elite, then I have good news for you. The former frosted-tipped crooner has expressed his admiration for the digital currency numerous times in succinct tweets.
Nick Carter aside, Cardano is lacking a high-profile billionaire vocally singing its praise.
However, what Cardano lacks in billionaire influences, it makes up for with retail and developer enthusiasm. Cardano’s rise in 2020/2021 has been unparalleled. The digital asset started 2020 at a price of US$0.034 per ADA (The Cardano network’s token). Today, one coin is going to set you back approximately US$1.22, representing a 3,500% increase over the time span.
The developer base of Cardano is just as rabid as the investors. The number of developers has doubled in the past two years, and several projects look to switch over to Cardano from Ethereum. Ethereum is bogged down with extremely high transaction fees which is killing its usability.
The market Cap of Cardano is currently US$39 billion, while Ethereum is currently touching US$240. Once Cardano is launched, I’m predicting that it will quickly convert Ethereum’s user base. If this is the case, we could easily be looking at price of $7.50 per ADA if they were to match Ethereum’s market cap.
When this day comes, perhaps it will be enough to popularise the phrase “Another day, another ADA”.
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