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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Why This Popular Crypto Analyst Bought 1 Million ADA

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Cardano ADA ADAUSDT

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Cardano (ADA) developer IOG has launched the first testnet for their smart contract platform, “Alonzo Blue”. The first stage of a roadmap set to be completed around September with full implementation of smart contract capabilities for the platform. The evolution of Cardano has not gone unnoticed.

Popular crypto analyst Ben Armstrong recently revealed his 1,000,000 ADA holdings which he bought when this cryptocurrency’s price was under $0.15. The analyst was attracted by their scientific approach and clear development phases.

This practice has maintained until this day. IOG has outlined every step to be taken with Alonzo and the deployment of smart contracts. Charles Hoskinson, the inventor of Cardano, has said that this method takes more time to be completed, but reduces bugs and provides a better result. End users will be the most benefit. Armstrong said:

Their roadmap is painstakingly mapped out to capture any corner cases keep the bugs to a minimum. Even on their website, they describe Cardano as peer-reviewed and evidence-based. This laser focus means that Cardano is primed to be a lean powerful machine ready to take the lead over their competitors.

He added that Hoskinson and Cardano’s vision to build a decentralized platform for government and corporate use with many real-world use cases is another reason to be bullish on the project. Cardano, according to Armstrong, tries to be more than a platform to process transactions.

Cardano Is looking to help second and third world nations come out of poverty and better their people. A lot of the reason countries like Colombia or Botswana are struggling is because they lack the infrastructure to protect people’s property.

ADA Price Prediction, Imminent Parabolic Move?

With the first tesnet for Alonzo deployed and IOG’s recent partnerships in place, Armstrong expects ADA’s price to increase by 4x.

At the time of writing, ADA trades at $1,69 and has been one of the most resilient cryptocurrencies during the recent crash. The 7-day and 30-day charts are in the green with 11.4% and 14% profit, respectively.

Cardano ADA ADAUSDT
ADA hits at recovery in the daily chart. Source: ADAUSDT Tradingview

The analyst expects it to reach $6.80 in this current cycle. However, this is a conservative prediction. The price could go much further, Armstrong said:

But here’s the thing that’s setting ADA up for such a big pump. It’s shown amazing resilience to price fluctuations compared to other alts during this bull run. It’s smashed its all-time high repeatedly… I predict in my most bullish scenario that ADA can hit 8 to 9 dollars this year.

The analyst believes that Cardano’s fundamentals are “bright”. There are different projects already working on the platform, such as Occam Finance, Liqwid Finance, and around 3,000 others, according to Armstrong. The dApps will tackle DeFi, DEX, a decentralized launchpad for fundraisers, and more.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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.

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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.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

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