Crypto market commentary show DCA Crypto’s recent video provides an in-depth analysis of Cardano (ADA), discussing its current market status, future prospects, and why it’s a strong investment. The video also covers Cardano’s CEO Charles Hoskinson’s views on the cryptocurrency’s future and addresses regulatory concerns. Notably, the video suggests that ADA has the potential to reach up to $7 in the next bull run.
Current Market Status
Cardano is currently trading below 26 cents, which is considered an attractive buying zone. The video suggests that this is one of the lowest points ADA has reached, making it an opportune time for investment. However, some analysts predict that the price could further drop to the 16-18 cent range.
Charles Hoskinson’s Predictions
According to DCA Crypto, Charles Hoskinson, the CEO of IOG, believes that ADA has the potential to become the world’s largest cryptocurrency, surpassing both Ethereum and Bitcoin.
During his speech at the Rare Evo 2023 convention, he said:
“So, that is our challenge, and this is why I think that Cardano is probably going to become the biggest cryptocurrency in the world. I think that it’s going to become more than just a cryptocurrency. I think it’s going to become the backbone of a new digital nation, a new society—a place where we can finally begin to trust each other again, where we move from ‘don’t be evil’ to ‘can’t be evil.“
Regulatory Concerns
The video discusses recent lawsuits against leading crypto exchanges Coinbase and Binance, where ADA was mentioned as a security. However, Hoskinson asserts that the U.S. Securities and Exchange Commission (SEC) is not targeting Cardano. The host believes that the SEC’s actions are politically motivated rather than based on securities laws.
Total Value Locked (TVL) in DeFi
DCA Crypto also says that Cardano’s increasing TVL in decentralized finance (DeFi) platforms is highlighted as a positive indicator. The host mentions that the TVL has steadily risen over the past several months, suggesting that investors are holding onto their ADA, which is a good sign for the project’s future.
Price Predictions
The video suggests that Cardano could reach between $3 to $7 in the next bull run. While ADA reached up to $3 in the last bull market, the video argues that a 10-20x return is very likely in the upcoming cycle. This aligns with the bullish title, emphasizing ADA’s potential to soar to $7.
Host’s Investment Strategy
The host mentions that he has been involved in seed round investments, which currently limits his ability to invest in Cardano. He also notes that he has invested in other cryptocurrencies like Solana and Quant.
Image Credit
Featured Image by Traxer via Unsplash
