Cardano’s recent full decentralization will fuel its appeal and price, better positioning it to take on rivals Bitcoin and Ethereum in the booming cryptocurrency market, predicts deVere Group founder and CEO Nigel Green.
The prediction from deVere Group CEO and founder Nigel Green comes as Cardano (ADA) last week became a fully-fledged community-run network.
“The price of Cardano has exploded over the last few months – up around 600 per cent since the beginning of the year, recently making it the third largest cryptocurrency by market capitalization after Bitcoin and Ethereum,” Mr. Green said. “But now Cardano has come of age by becoming fully decentralized – meaning its parent company has handed control of the blockchain over to the community – we can expect it to attract more investors which will, of course, drive its price on an upward trajectory.
“This milestone will help Cardano better position itself to challenge major rivals in the cryptoverse. Cardano is likely to be a challenger to Ethereum as not only can it be used as currency, but its blockchain – the tech on which it runs – can also be used to build smart contracts, protocols and decentralised applications. Plus, it is said to be significantly more scalable than Ethereum.”
Mr Green believes Cardano will ultimately challenge Bitcoin too.
“This is because those who invest in digital assets already or are planning to do so, know that one of the secrets of successful investing is diversification. Therefore, these investors will want their cryptocurrencies diversified too and this is ultimately likely to eat into Bitcoin’s market share.”
Earlier this year ADA was added to deVere Crypto, the cryptocurrency exchange app, to join other major digital currencies including Bitcoin, Ethereum, Dash, Bitcoin Cash, XRP and Dogecoin.