After an approximately 12% gain in the last month, Cardano (ADA) looks all set to embrace bulls ahead of the much-anticipated October rally. However, Bitcoin supporter Max Kaiser has other ideas.
According to the well-known BTC backer, Cardano could lose as much as 90% of its value relative to Bitcoin (BTC) in the next six months. Max Kaiser observed that Cardano has failed to walk hand in hand with Bitcoin, especially in the Bitcoin Halving year.
Contrasting Reactions to Max Kaiser’s Cardano Prediction
Max Kaiser might have pained a dark picture for Cardano but people responded to his predictions in funny ways. One of the Cardano whales responded to the projection saying this might just be the opportunity everyone had been waiting for. The whale pointed out at a lucrative buying opportunity for ADA.
Bitcoin vs Cardano: Who Will Prevail?
Over the past many years, Bitcoin (BTC) has been the go-to cryptocurrency for people who wanted to hold their investments in a safe yet lucrative crypto project. Some of Bitcoin’s features, including its decentralised structure and store of value phenomenon, added fuel to the fire, and people built trust in Bitcoin. Moreover, a robust infrastructure, liquidity supply, institutional support, and a massive network also influenced people’s investment decisions. Due to the above utilities and benefits, Bitcoin enjoys a clear advantage over all altcoins, including Ethereum.
However, Cardano has been an exception in many ways. This blockchain platform has proved its worth above and beyond Ethereum, the biggest altcoin by market cap, by offering more scalable and more sustainable solution to crypto enthusiasts. Building further on its peer-reviewed academic methodology and Proof-of-Stake consensus mechanism, Cardano was able to build a niche of itself in the crypto ecosystem. With a promise to offer energy efficiency, scalability, and a solid platform for decentralised applications and decentralised finance, Cardano established itself as a major crypto platform.
Why Max Kaiser is Bearish on Cardano
Although Cardano has built a massive community of believers over the years, people like Max Kaiser have their own reasons to play down ADA. The leading reasons include Cardano’s inability to have a wider adoption and sluggish development. Moreover, existing in a crowded crypto market is another challenge which puts Cardano in the spotlight for negative reasons.
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Cardano’s Price Movement Shows the Otherwise
Despite the constant criticism by different corners, Cardano has managed to survive in the highly volatile crypto market. Although it fell by $0.98% or 42.76% this year to date, it has surged by $0.36 or 37.83% when compared to the same day of last year.
Looking at its recent performance, Cardano increased by $0.14 or 11.99% in the last month despite losing $0.85% or 39.51% in the last six months. At 1800 Hours on Monday, Cardano was seen trading at $1.31, 0.75% or $0.01 down from the previous day. However, it gained $0.05 or 4.10% during the last five days, which could be a signal ahead of the much-anticipated crypto October really.
The Final Word
Max Kaiser and likeminded people continue to paint Bitcoin as the most authoritative crypto project and go on to claim it to be even stronger with time. It would be interesting to see if Bitcoin will actually manage to become more dominant or altcoins will rise in stature to disrupt the status quo.
Cardano’s long-term success would largely depend on its action to achieve commitments, build a thriving ecosystem of developers and traders, and rolling out new but futuristic use cases for the crypto project. Stay tuned to The BIT Journal to keep updated with the latest developments and trends in the crypto market.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
