Cardano Surges In Strength—Now 10x More Powerful, Analyst Says

Christian Encila

8 months ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

With new developments and predictions, Cardano (ADA) continues to attract attention in the crypto world, presenting investors with a divided picture. Analyst Dan Gambardello recently expressed a bullish prognosis, asserting that Cardano is now 10 times more robust than it was in previous cycles. The long-term prospects appear promising, however, the short-term market sentiment indicates that a cautious approach is preferable.

Gambardello said that the move to a fully decentralized, community-owned blockchain is one of the most important changes that makes him more optimistic. This important change happened after the Chang Upgrade went live on September 1. Gambardello said that the update has strengthened Cardano’s base, making it a more stable and independent network. However, this is only one part of the story.

Cardano: 10x Stronger Than Last Cycle At This Moment.

🌐 Owned By Community
❌ IOG Burned Keys
⚡ Hydra Scaling
📈 Higher Market Cap Position
🤝 Massive Partnerships
🛡️ Unmatched L1 Security
💰 DeFi Ecosystem
🐻 Survived The Bear As Top 10

— Dan Gambardello (@cryptorecruitr) October 6, 2024

Cardano’s Most Recent Advancements

One of the major steps that Cardano took to signify its full shift into community administration was the termination of its genesis keys. Leading this milestone adds another level of security and decentralization to the blockchain, thanks to the efforts of Input Output Global (IOG). According to Gambardello, these elements make Cardano’s network far more robust than it was in earlier cycles.

ADA market cap currently at $12.1 billion. Chart: TradingView

Furthermore, Cardano’s Hydra, a layer-2 scaling solution, extends the network’s appeal. Hydra’s objective is to enhance transaction throughput while simultaneously preserving high levels of security and decentralization. This solution could provide Cardano with a competitive advantage, particularly in its pursuit of dominating the competition with other top networks such as Ethereum, as scalability is a significant obstacle for many blockchains.

ADA Market Position

Cardano has also experienced a substantial increase in its market position. ADA rated 12th in the crypto market and had a market cap of $2.997 billion in 2020. At the time of writing, Cardano maintains a market capitalization of $12.64 billion. Despite recent underperformance, Cardano’s resilience during the 2022 and 2023 market decline has kept it in the top 10 for an extended period.

ADA down in the last 24 hours. Source: Coingecko

Cardano (ADA) Price Forecast

Meanwhile, with technical indicators suggesting a cautious outlook for investors, Cardano (ADA) is presently in a bearish territory in the market. By November 7, 2024, the price of Cardano is expected to climb by 16.86%, according to CoinCodex, to over $0.412024.

At 49, the Fear & Greed Index says traders are neutral even at this potential upward trajectory. The price volatility of Cardano had been at 5.70% with 60% positivity, boasting 18 out of 30 days in the green in the last 30 days. Based on these factors, many analysts believe that today isn’t probably the best time to make investments in Cardano.

Featured image from Pixabay, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.