Cardano ($ADA) Has Potential to Hit $20 This Cycle, Says Popular Crypto Analyst


Popular cryptocurrency analyst and trader Benjamin Cowen has revealed he believes the third-largest cryptocurrency by market capitalization Cardano ($ADA) has the potential to hit $20 this bull cycle while outperforming bitcoin.

In a video, first spotted by Daily Hold, Cowen noted he believes Cardano’s price surge so far this year is only getting started, adding that if ADA was to surge to its previous all-time high in the ADA/BTC trading pair it could go up another 54%.

The price of Cardano has moved up over 2,000% in the last 12 months as traders are anticipating a major upgrade scheduled for next month, the Alonzo hard fork, which will bring smart contracts to the network and allow it to compete with Ethereum and the Binance Smart Chain.

The hard fork is part of the network’s “Goguen” era, named after Joseph Goguen, an American professor of computer science from the University of California and the University of Oxford. The Goguen era comes after the Shelley phase, in which Cardano became a decentralized blockchain and community members became validators.

Per the analyst, ADA could soon get to $4.5 if it performs as well as bitcoin at its current price. If the flagship cryptocurrency sees its price double during this cycle, Ada could get to $9, and if BTC hits $150,000 then it could hit $13 or even $14.

Cowen added that if ADA outperforms BTC, it could go as high as $20.

That would be the highest I can imagine…That $10-$20 range is sort of what I would consider to be too much for the market to continue to bear without having a substantial pullback.

As reported, the crpyto analyst known for his crypto-focused YouTube channel “Thinking Crypto” has revealed he sees ADA flexing its “pump muscles” right now and sees it get to $10 at the peak of this bull run.

The first analytics/compliance solution for the Cardano network has gone live after the Cardano Foundation, a Swiss-based non-profit foundation that oversees the advancement of the cryptocurrency, selected blockchain analytics firm Confirm to deploy anti-money laundering and combating the financing of terrorism (AML/CFT) analytics on it.

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.

Featured image via Unsplash

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