Renowned crypto analyst and influencer Ben Armstrong recently delved into Cardano (ADA), a proof-of-stake (PoS) blockchain, in a comprehensive video update. Armstrong’s analysis covered the recent launch of Mithril on the Cardano network and explored the potential future price of ADA.
Mithril Launch on Cardano Network: A Boost in Speed and Efficiency
Armstrong began the episode by discussing the noteworthy introduction of Mithril, a state-based protocol within the Cardano network. This milestone heralded a crucial advancement for Cardano, aiming to enhance speed and efficiency across the network.
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Mithril’s core objective is to reduce the synchronization time required for nodes to connect with the blockchain. This implies that users can access the current state of the blockchain without retrieving its complete history.
Armstrong highlighted the significance of this technological upgrade, particularly for individuals who have encountered lengthy sync times with the native Cardano wallet, Daedalus.
With Mithril’s implementation, synchronization time is significantly reduced. This upgrade plays a pivotal role in elevating user experience and overall network efficiency on Cardano.
Assessing the Likelihood of Cardano’s $10 or $100 Price Target
The focal point of the episode revolved around Armstrong’s analysis of the Cardano (ADA) potential to reach a price of $100. While numerous Cardano investors may aspire to see such a value, Armstrong presented a more grounded perspective.
He expressed that even reaching $10 for Cardano would be an arduous task, let alone $100. Achieving the $100 milestone would necessitate a staggering increase of 32,260%, which, according to Armstrong, appears highly improbable given the existing market conditions.
However, Armstrong acknowledged a potential exception. If hyperinflation were to occur, leading to the continuous depreciation of the US dollar, seemingly extravagant price predictions like these could become feasible. It is vital to note, though, that this scenario relies on the depreciation of the dollar rather than on the Cardano (ADA) intrinsic value.
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Long-Term Outlook for Cardano by Dan Gambardello
Another notable crypto influencer, Dan Gambardello, founder of Crypto Capital Venture, recently shared his long-term perspective on Cardano (ADA).
Drawing insights from historical data and comparing them to other digital assets, Gambardello envisions a substantial ADA rally during the next bull market. He anticipates a potential all-time high of $7.80 for Cardano.
In a separate tweet, Gambardello also compared Ethereum and Cardano Total Value Locked (TVL), stating that when ETH had around $400 million TVL, it embarked on a rocket surge to a $108 billion market cap. He said Cardano at $179 million TVL is an indication that ADA is ready to absolutely explode going into the next bull market.
WOW! I just realized at this time last cycle, Ethereum only had around $400M TVL! It went to $108B in the bull market.
Cardano now has $179M TVL and is even more on track than I thought
ADA is getting ready to absolutely explode going into the next bull market!#Cardano $ADA
— Dan Gambardello (@cryptorecruitr) July 26, 2023
With diverging opinions regarding Cardano’s price potential, it is crucial for investors to carefully evaluate market conditions and assess the credibility of differing analyses.
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