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Tokens connected with scaling solutions and smart contract platforms have clearly outperformed the larger market, and this pattern has now been established for a few weeks. Polygon (MATIC), Waves, Ethereum Classic (ETC), and Fantom (FTM) are a some of the top 100 tokens performing well.
Cardano, another altcoin, is working hard to check both objectives. Cardano’s scalability has already risen with the release of the Hydra protocol last year. Smart contracts, on the other hand, are already operational on the blockchain’s testnet. If all goes as planned, a smart-contract enabled Cardano is scheduled to be up and running by the end of August, potentially changing the fate of its native ADA cryptocurrency.
Commenting on similar lines in a recent YouTube video, popular trader Ben Armstrong said,
“Crypto investors are seeing the potential for Cardano because the roadmap is so solid. ADA is only the tip of the Cardano iceberg.”
ADA, at press time, was trading at $1.51. The alt also registered a 13.69% drop over the past week alone. However, predicting the crypto’s price at the end of the ongoing cycle, Armstrong claimed,
“My price prediction for Cardano in this cycle is 4x from its current price of $1.7 which will be $6.80.”
Over the past month alone, Cardano rose by 13.35% while the likes of Ethereum, XRP and Bitcoin – other coins in the top 10, dropped by 3.05% 4.18% and 3.85%, respectively. Commenting on the same, Armstrong said,
“It [Cardano] showed amazing resilience to price fluctuations compared to other alts during this bull run.”
Furthermore, ADA continued to demolish its own ATHs, reaching $2.39 on May 16th. Since then, ADA has clearly come down during the larger market downturn phase, but its prospects, according to Armstrong, are still quite “bright.” Further commenting on the positive aspects to look forwards to, he stated,
“In my most bullish scenario, ADA can touch $8-$9 this year.”
Armstrong went on to say that the chances of ADA rising and then collapsing were extremely low. Despite the alt doing well in the previous month, the number of transactions did not see an exceptional rise and, in fact, remained around the 60k area for the whole of May.
What’s more, as previously pointed out, this is the right time to enter the Cardano market before the smart-contract hype further intensifies.