Cardano (quotation ADA) has seen a dramatic increase in the last year. The cryptocurrency has risen by more than 3.200% and surpasses every other cryptocurrency, including the flagship cryptocurrency, bitcoin.
Despite the massive surge Cardano has seen over the past two months, analysts believe there is still room for growth.
Amazing! ADA outperforms all other cryptocurrencies
It might come as a shock to some, but ADA, Cardano's token, is way ahead of other major cryptocurrencies in terms of performance over the past year. The firm was reported by the CEO and founder of Compound Capital Advisors, Charlie Bilello. Bilello showed the performance of the top ten cryptocurrencies over the past year and shared the results in a tweet on April 10th. And it did even more, it also included the performance of the US dollar and gold.
The CEO noted that Cardano, which is now in sixth place on the cryptocurrency ranking, has made gains of 3.290% over the past year. Unsurprisingly, Binance Coin (BNB) comes in second with a 3.058% return. The coin has performed exceptionally well lately, thanks in part to the success of the Binance Smart Chain which supports decentralized finance (DeFi). BNB is followed by Polkadot (DOT) which has an annual return of 1.353%.
Conversely, bitcoin has accumulated earnings of 728% over the same time frame. Its physical counterpart, gold, only gained 3%, while the greenback lost 8%.
Analyst and YouTuber Ben Armstrong expects ADA to hit $ 8 by the end of October
According to well-known YouTuber and cryptocurrency strategist Ben Armstrong, ADA will mock the most "shorters" and skeptics as it continues to grow over the next six months.
Armstrong expects the cryptocurrency to reach the coveted $ 8 value by October 31, 2021 before succumbing to profit traps.
“At the end of the altcoin cycle, I think it will be around Halloween, I can see Cardano reach $ 8. I see a lot of people who want it to go up to $ 10. And I think between $ 8 and $ 9, people will start taking profits, and that will be the end. "
His prediction is based on the fact that ADA will stand the test of time due to the increased institutional appetite for the asset. “We now see that some institutions are looking at Cardano. And I think there is a reason for that. They understand the long-term game, the slow roadmap, ”Armstrong said.
ADA is currently valued at $ 1,26. To reach Armstrong's bold price target, it would have to appreciate by more than 650%. While it may seem like a large increase, it would still be less than half of what was recorded last year in 12 months.
Therefore, it would not be such an unrealistic goal to achieve. At this point, one wonders just when will be the best time to withdraw their profits. At $ 10? Or do it already for $ 8? Let us know what you think in the comments below.