Cardano’s price has been able to rise tremendously in recent weeks, finally peaking at USD 2.97 on August 23. Analyst and trader Benjamin Cowen has revealed that he believes the third largest cryptocurrency by market cap Cardano (ADA) has the potential to reach $20 USD in this bull cycle, surpassing Bitcoin. In addition, Charles Hoskinson also spoke out, commenting on the criticism over the partnership with Coinfirm.io.
Cardano price to hit $20 if ADA overtakes BTC
In a video, Cowen noted that he believes Cardano’s price rise this year is just beginning. He added that if ADA were to reach its previous all-time high in the ADA/BTC trading pair, it could rise another 54 percent.
Cardano’s price has risen more than 2,000 percent in the last 12 months. Most notably, the integration of smart contracts through the Alonzo update has driven the price up. It’s finally set to go live on September 12.
The hard fork is part of the network’s “Goguen” era, named after Joseph Goguen, an American professor of computer science from the University of California and the University of Oxford.
According to the analyst, ADA could soon reach $4.5 if it performs as well as bitcoin at its current price. If the price of the flagship cryptocurrency doubles in this cycle, Ada could rise to 9 USD. Should BTC reach $150,000, he also believes $13 to $14 USD is realistic.
Cowen added that if ADA outperforms BTC, it could go as high as 20 USD.
“That would be the highest I can imagine. The $10 to $20 range I would see as too much for the market to carry on without a significant setback.”
As reported, the Crpyto analyst, who is known for his cryptocurrency-focused YouTube channel “Thinking Crypto,” revealed that he sees ADA flexing its “pumping muscles” right now and sees it going as high as USD 10 at the peak of this rally.
He believes that a possible rise to 20 USD is possible, but not sustainable in the long term.
Charles Hoskinson responds to criticism on Coinfirm.io partnership
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“AML/CFT analytics are essential for a cryptocurrency to gain wide acceptance in regulated markets. The tools and services provided by Coinfirm allow each exchange, custodian, and any other third party to track clearly,” said the statement Mel McCann, technical director of Cardano about the partnership.
Platform Weiss Crypto sees this move as anything but. “Excessive regulation is what has stifled the banking system. With this announcement, it seems like ADA is proudly proclaiming that they want to follow in their footsteps,” they criticized. Facebook’s Diem, CBDCs and co. are better projects under these circumstances, he said.
4/ The whole point is to build a new financial and economic layer, free from the control and repression of those who have brought our world economy to the brink of total failure, able to be sustained only by excessive and aggressive centrally planned intervention.
– Weiss Crypto (@WeissCrypto) August 25, 2021
Hoskinson addressed the criticism in a video. Charles Hoskinson’s key statements:
“The purpose has always been to build layers, modules and ecosystems.”
“And that’s why these partnerships are important. They provide clarity. They provide a lot of business and technical requirements and allow us to make the software better for everyone everywhere and get Cardano more adoption across all industries, regulated and unregulated.”
“And that’s why these partnerships are important. They provide clarity. They provide a lot of business and technical requirements and allow us to make it better for everyone everywhere and get Cardano more adoption across all industries, regulated and unregulated.”
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