A popular cryptocurrency analyst says smart contract platform Cardano (ADA) is set to outperform Bitcoin (BTC) in the short term.
New Video Update Hosts Coin Bureau To tell His 2.1 million YouTube subscribers say they see ETH competitors as a hedge against The Merge in case the update doesn’t go as smoothly as planned.
“One way I personally protect myself from going wrong with an Ethereum merger is by keeping competing smart contract cryptocurrencies as part of my portfolio, which includes Cardano’s ADA. .”
Cardano itself is also due for a Vasil hard fork upgrade in September, according to Guy, so ADA will act as a hedge against the Ethereum merge.
“If Cardano improves its scalability around the time Ethereum moves to Proof of Stake, it will clearly be a strategic move. It puts Cardano in the best position to acquire users and investors if expectations are not met.”
According to Guy, Cardano appears poised to profit against the top digital asset by market capitalization.
“ADA seems to be lagging behind BTC on the weekly charts, as historically ADA has seen a few weeks of rallying after about eight weeks of decline against ETH. As you can see, ADA has been down against ETH for about eight weeks and is showing signs of a reversal.”
The host then speculates that Cardano’s price could rise by 50%.
“Please note [appreciating against BTC] While the price of ADA in fiat currency is not necessarily higher, the daily and weekly price action of ADA in fiat currency suggests we could see a 50% increase in the coming weeks. doing.
However, we must stress that this ultimately depends on whether the cryptocurrency market recovers in the short term. Also note that his Vasil hard his fork of Cardano exposes the project to the same sort of problems that Ethereum can experience during upgrades.
This is probably why other Ethereum competitors such as Solana appear to be on the verge of a bigger breakout against both ETH and USD. ”
ADA is trading at $0.452 at the time of writing, up 1.5% on the day.
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