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On Monday (August 23), to as the price of Cardano’s $ADA token broke above the $2.95 level to set a new all-time high, crypto analyst Tai Zen, who believes that $ADA can get as high as $20, said that the “magic” number is $5.
According to data by TradingView, on crypto exchange Kraken, the $ADA price broke the $2.95 level for the first time around 16:24 UTC today (August 23); and just one minute later, it hit $2.9574, which is currently today’s intraday high (as well as being the new all-time high).
Currently (as of 21:30 UTC on August 23), ADA-USD is trading at $2.9229, up 11.83% in the past 24-hour period. As for the past month-period, ADA-USD is up an even more impressive 150%.
Although it seems that it won’t be long before the $ADA price hits $3, crypto analyst Tai Zen says that he expects to see fireworks once the price hits $5 since this is the point where he expects that we will start to see serious retail FOMO:
Time it takes for @Cardano to go from $5 to $10 will be a much shorter period of time than going from $0.05 to $5.
— Tai Zen (@HeyTaiZen) August 23, 2021
Also, the time to go from $10 to $20 will be even shorter than from $5-$10.
Why?
$5 is a "magic" #. Once $ADA cracks $5, people will magically start to FOMO in!
He went on to say that he thinks the technologically advanced Cardano platform will eventually overtake Ethereum (in both the size of ecosystem as well as market cap) thanks to its highly passionate and fast-growing community.
2/ ETH didnt recognize their problems early on until later & they are just now working on resolving them so they are way behind smart contract platforms like @Cardano & @tezos.
— Tai Zen (@HeyTaiZen) August 23, 2021
ETH is ahead in community but NOT in tech. ADA & XTZ community are both growing quickly so be patient.
It is also worth pointing out what the CEO of Cryptocurrency Market, LLC said about Ethereum and Cardano back on August 21:
2/ In next bull market, we predict @Cardano's mkt cap will surpass ETH & any other smart contract platform.
— Tai Zen (@HeyTaiZen) August 21, 2021
The only reason @ethereum's mkt cap is ahead of $ADA is because it has been on the market longer.
A coin's success is based on it's community & $ADA has a big community.
Dan Gambardello, Founder of Crypto Capital Venture, reminded everyone that BITPoint, which is the first crypto exchange in Japan that will be offering $ADA to the residents of that country, will be listing $ADA on August 25.
Cardano is getting listed in Japan in a few days.
— Dan Gambardello (@cryptorecruitr) August 22, 2021
Just got this text from a friend 😎$ADA pic.twitter.com/AlUBXqokzH
As for David Grider, formerly the Director of Digital Asset Strategy at independent research boutique Fundstrat Global Advisors, who is currently the Head of Research at Grayscale Investments, he says that since the number of monthly active addresses of Ethereum and Cardano are quite comparable, if we take this metric to represent the number of users on the two networks, then it could be argued that $ADA “looks equally valued” as $ETH.
2/ Monthly active addresses for both chains per @coinmetrics below. pic.twitter.com/2NXjjf42rt
— David Grider (@David_Grid) August 23, 2021
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.