Analysts affirm Cardano will outperform Bitcoin and Ethereum given ADA's enhanced scalability


  • Binance coin replaced Cardano as the third-largest cryptocurrency. 
  • Over 70% of ADA supply remains staked. 
  • With institutional investment flows to Cardano, proponents expect ADA market capitalization to recover. 
  • Cryptocurrency analysts expect Cardano to outperform Bitcoin and Ethereum based on ADA price trends. 

Charles Hoskinson, Cardano founder, made an effort to dampen Cardano's negativity and uncertainty and the cryptocurrency ecosystem. Hoskinson broadcasted from South Africa and shared potential opportunities for the Cardano Foundation.

Analysts expect Cardano to outperform Bitcoin with updates in the ecosystem

In his recent broadcast from Africa, Charles Hoskinson shared how the rising uncertainty in cryptocurrencies puzzled him. Hoskinson believes that Cardano has met every single milestone on its roadmap. 

The Cardano network has never suffered an outage, and the founder reassures users about ADA's current plans. Cardano is focused on enhancing scalability. 

The Plutus Application Backend (PAB) launch is set to ensure scalability on the network. It is scheduled for later this month. Once Cardano improves scalability, more users are expected to join the network. 

Cardano is working on another exciting development in the roadmap, layer-2 scaling solution Hydra. Alongside Plutus, Mamba Pool, Atala Prism and Mithral, Hydra's development is underway. 

Fourteen teams are working on different elements within the Cardano ecosystem. Hydra is expected to process transactions on the Cardano network in an efficient manner. Since most transactions will be processed off-chain, Hydra will use the Cardano blockchain to secure settlement. 

The Hydra protocol is currently under extensive testing. 

Despite the upcoming updates in the Cardano ecosystem, ADA's market capitalization dropped, and the altcoin no longer ranks among the top three cryptocurrencies. The percentage of ADA tokens staked remains stable above 70%; analysts are bullish on the altcoin as supply under circulation remains relatively low. 

There is a spike in institutional investment in ADA. Over $3 million capital flowed to ADA-based funds in the past week, according to a Coinshares report. 

Austin Hilton, a cryptocurrency analyst and YouTuber, has set a $15 target for ADA price. Hilton states, 

Cardano could hit $15 by the end of this bull run that we are all looking at. It's set to end in kind of February-March time frame.

FXStreet analysts have evaluated the ADA price trend and predicted that the altcoin's price is bound for profit-taking. Analysts set a target of $1.70 for the altcoin. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price presents buy signal, anticipates 30% breakout

Shiba Inu price is undergoing a minor retracement after it saw a sudden uptick in buying pressure, leading to a rally. This correction will provide sidelined buyers with an opportunity to jump on before the next leg higher.

More Shiba Inu News

Axie Infinity user converts Magic Internet Money to earn over $82,000 a year

A player of play-to-earn game Axie Infinity, has confirmed that the game offers higher rewards than a Goldman Sachs’ research associate’s salary. Analysts have a bullish outlook on the gaming token’s price.

More Axie Infinity News

Altcoins recover as BTC chops

Bitcoin price is consolidating while it tries to move higher, but Ethereum price seems to be enjoying a full-fledged rally as it comes closer to setting up new highs. Ripple price, on the other hand, is struggling to find bullish momentum.

More Cryptocurrencies News

Chainlink price ready to reverse, 30% upswing likely for LINK

Chainlink price seems ready for a reversal of its two-week downswing as it attempts to create a higher high. This outlook is also supported by on-chain metrics, which suggest the possibility of accumulation at the current levels for LINK.

More Chainlink News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP