Cardano (ADA), the 8th largest cryptocurrency by market cap, could reach a staggering $11 in the next bull run, according to crypto analyst Dan Gambardello.
In a recent YouTube video, Gambardello delved into the factors that could contribute to the meteoric rise in ADA’s price, including the upcoming Bitcoin Halving event and the burgeoning Cardano decentralized finance (DeFi) ecosystem.
Cardano (ADA) Poised for Significant Growth
Gambardello envisions ADA reaching $11 during the next bull run, which he hopes will materialize after the next Bitcoin Halving.
It should be noted that the Bitcoin halving is a programmed event that occurs approximately every four years, reducing the rate at which new Bitcoins are created by half, causing BTC scarcity in the process.
This scarcity mechanism aims to control inflation and mimic the scarcity of precious metals such as Gold. The halving is crucial for Bitcoin’s economic model, influencing supply and demand dynamics. As a result, it often sparks increased interest and volatility in the cryptocurrency market, impacting miners, investors, and overall market sentiment.
This event usually leads to a substantial increase in Bitcoin’s price, and this price surge often extends to other cryptocurrencies, including ADA.
Cardano (ADA) Potential Ascent
According to Gambardello, the Cardano DeFi ecosystem has grown remarkably since the last bull run. He believes this expansion will continue to drive ADA’s price appreciation. The Cardano network’s Shelley era, focusing on decentralization, and innovations like the multi-asset ledger have positioned ADA for exponential growth.
Gambardello drew a comparison between Cardano and Ethereum, asserting that Cardano holds the edge in terms of soundness, security, and decentralization. While acknowledging a lag in terms of development compared to Ethereum, Gambardello expects Cardano to follow a similar trajectory to Ethereum’s DeFi boom.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Gambardello maintains that ADA is undervalued compared to Ethereum (ETH). He boldly states that the crypto project offers everything Ethereum does but in a superior manner. He further highlights that innovations on the Cardano network are unfolding in a more secure and decentralized way compared to its counterparts.
Meanwhile, the Crypto Crossfire panel recently debated the biggest threats to Cardano, with one member highlighting Ethereum as the most prominent threat.
Future of Cardano (ADA)
Cardano has been in the news lately with many bullish predictions. Cardano recently formed a significant golden cross on the daily chart. This promising sign has caught the attention of many in the community.
A notable analyst also predicted a massive 1,750% breakout to $6.5 a few days before the Golden Cross formation. According to the analyst, ADA could reach this target between July 2024 and July 2025, which falls after the Bitcoin halving in April 2024.