Cardano (ADA) has enjoyed a meteoric rise over the last year. The cryptocurrency is up by over 3,200% and is outshining every other crypto-asset, including the flagship cryptocurrency, bitcoin.
Despite the massive upsurge that Cardano has registered over the last couple of months, analysts believe there’s more growth ahead.
Amazing! ADA Outpaces All Other Cryptocurrencies
It might come as a shock to you but Cardano’s ADA is way ahead of other major cryptocurrencies in terms of the past year’s performance. The feat was pointed out by Compound Capital Advisors’ CEO and founder, Charlie Bilello. Bilello compiled the performances of the top ten cryptocurrencies over the past year and shared the findings in a tweet on April 10. He also included the performances of the U.S. dollar and gold.
The CEO noted that Cardano, which is now sixth-ranked on the cryptocurrency leaderboard, raked in 3,290% gains in the last year. Unsurprisingly, Binance Coin (BNB) comes second with a return of 3,058%. The coin has performed exceptionally well lately, in part due 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%.
In contrast, bitcoin has amassed 728% gains over the same time frame. Its physical counterpart, Gold, has gained only 3%, while the greenback is sitting on 8% losses.
Analyst And YouTuber Ben Armstrong Expects ADA To Hit $8 By End October
According to prominent YouTuber and crypto strategist Ben Armstrong, ADA will mock the shorters and skeptics as it continues to surge in the coming six months.
Armstrong forecasts that the cryptocurrency will reach the coveted $8 mark by October 31, 2021 before succumbing to profit-taking.
“By the end of, you know, the altcoin cycle, I think it will be around Halloween, I can see Cardano reaching $8. I can see a lot of people wanting it to get to $10. And I think between $8 and $9, people will start taking profits, – and that will kind of be the end.”
His prediction is based on the fact that ADA will stand the test of time owing to the increased institutional appetite for the asset. “We’re seeing now some institutions are looking at Cardano. And I think there’s a reason for that. They understand the long-term play, the slow roadmap,” Armstrong posited.
ADA is presently valued at $1.26. To hit Armstrong’s audaciously bold price target, it would have to appreciate by over 650%.