EU Lawmaker Calls Cardano A ‘Rocket’ As ADA Eyes Monster Bull Run

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Historically Accurate Cardano On-Chain Metrics Suggest ADA Price Could Triple In Near Term
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Stefan Berger, a member of the European Parliament and rapporteur of EU’s landmark crypto law MiCA, has gushed praise for Cardano (ADA) — the longstanding Layer 1 network that not too long ago completed its Vasil hard fork upgrade — after meeting with the CEO of the Cardano Foundation.

MEP Stefan Berger Heaps Praise On Cardano

Dr. Stefan Berger, a member of the Christian Democratic Union (CDU), has commented on Cardano by acknowledging its market growth.

Writing on Twitter, Berger gushed that Cardano is a “rocket” in the cryptocurrency industry. He also noted that some of his discussions with Cardano Foundation CEO Frederik Gregaard revolved around the European Union’s Markets in Crypto Assets Regulation (MiCA).

The regulation package covers a vast range of crypto-related subjects, including the legal status of all major currencies and stablecoins and the regulation of cryptocurrency mining and trading venues. Berger not only led the drafting of the law in committee but also was responsible for integrating compromise revisions and resolutions. European Union lawmakers overwhelmingly voted in favor of the landmark new crypto legislation earlier this month. The law will take effect between 12 and 18 months after being published in the bloc’s official journal, likely to occur next spring.

In a tweet about the meeting, Cardano’s Gregaard portrayed the German politician as a “passionate and engaged policymaker” who asked intelligent questions about Cardano and is devoted to supporting the growth of blockchain applications across the EU.

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Cardano’s ADA Spikes 14% Amid Recovery In Major Cryptos

Crypto markets added some 6.78% to overall capitalization over the last 24 hours as bitcoin regained the $20,000 level for the first time since the start of October.

Ethereum, the industry’s second-largest cryptocurrency is also showing bullish strength this week. The coin has soared 13.10% in the past 24 hours, breaking out of a tight trading range that has defined its price action in recent weeks.

ADA’s price movement is even more impressive as the eighth-largest cryptocurrency jumped as much as 14.38% over the day, trading around $0.4045 at the time of publication. Notably, the latest price action came after renowned market pundits pointed out that Cardano’s ADA token was highly undervalued. ADA bulls have come out in force, suggesting prices could move higher if current buying activity continues.