Hi everyone, several projects have reached new all-time highs. Let's have a closer look and find out why I'm bullish on Cardano (ADA).
Price: During Bitcoin's epic price run in 2017, it reached an all-time high of $20,000. This was a 20x move, supported by retail investors. Shortly after, the futures market pushed Bitcoin's price down and it bottomed during the following crypto winter. It almost reached $60,000 before correcting down to $47,000. We seem to be reaching a bottom and will soon lift of again towards 80,000 USD.
Fundamentals: Bitcoin seems to be replacing or even better co-existing with the $10 trillion gold market. This leaves a lot of room for digital gold to reach that market cap. An epic 10x! And this is with an estimated gold market that doesn't move.
Price: Ethereum totally outclassed Bitcoin with a 20,000% price-rally during 2017, taking a $7 ETH to an astonishing $1,420 ETH. This year, Ethereum blasted forward an broke the earlier all-time high with a first attempt to break the $2,000 barrier. It too, lost some steam during the current correction, but will soon break through. Despite it's ongoing scaling issues and high fees, most projects are in fact still build upon the Ethereum Virtual Machine and its technologies.
Fundamentals: Ethereum's smart contract capabilities are still the most used by crypto entrepreneurs and this trend remains unbroken. It remains the number two cryptocurrency by market cap and its scaling plans are now very much-needed to keep its leading position.
Price: Cardano is still far away from making new all-time highs when looking at the ADA/BTC pair. Why is this the case and why won't it remain much longer? In dollar-terms, ADA had a significant rally, but we no longer only look at dollars do we!? Cardano's previous high was 0,000071 BTC and we're only hovering around 0,000029 BTC, leaving room for a huge rally.
Fundamentals: The reasons for this rally are its upgrade that will create a vibrant smart contract driven ecosystem and the fact that it has hundreds of projects in the pipeline, among which the rumors about Africa are no stranger. And while Ethereum is in the process of transitioning towards a Proof of Stake algorithm, Cardano can now start offering services for the implementation of hundreds of assets on its ready-to-go platform.
Price potential: Despite some weird youtubers claiming you'll lambo with a 100x ADA, please remain realistic about any future expectations with regards to the price discovery of Cardano. I personally believe a 5x is realistic (forget a 100x), given the simple fact that the project is only now beginning to be used by entrepreneurs en masse, is gaining more news coverage, has some catching up to do versus BTC and is still to be listed on Coinbase. Furthermore, it will most likely end up in a Grayscale fund and is already being bought by Arabian investors, who are embracing the potential usecases.
Disclaimer: Although this is no investment advice, feel free to research the article's content and do your own thinking.