A popular crypto analyst thinks Cardano (ADA) and Algorand (ALGO) will be two blockchains “to watch out for” when the next bull market kicks off.
Pseudonymous Coin Bureau host Guy says in a new discussion with fellow crypto analyst Benjamin Cowen that both Ethereum (ETH) rivals have great teams behind them.
“Long-term trend-wise, I think investors — particularly institutional investors, which is obviously where Cardano is lacking in that respect — but I think any investor will look at the likes of Ethereum and Cardano in the aftermath, when interest in crypto returns, and go, ‘Well, these guys were able to execute these big upgrades, and they went flawlessly.’
And I think that is a testament to the caliber of people working on those projects, and that I think will be a big part of peoples’ due diligence in the future. So although price hasn’t done anything, I think it’s really, really positive, for Cardano especially.”
ADA is trading for $0.43 at time of writing. The 8th-ranked crypto asset by market cap is down 0.72% in the past 24 hours.
Guy also notes that Algorand’s connections to the Massachusetts Institute of Technology (MIT) could open up possibilities for the project. Algorand’s founder, Silvio Micali, is a professor of computer science and cryptography at the university.
“The Algorand team is not only very capable, but it also seems sort of really well connected, because MIT, as I understand it, is supposedly collaborating with the Federal Reserve on this upcoming digital dollar, this CBDC [central bank digital currency]. And I think that kind of opens up a lot of potential questions around Algorand, because there has been a lot of speculation that Algorand could be the blockchain for a US CBDC to eventually run on.”
ALGO is trading for $0.3573 at time of writing, a negative change of 1% in the past 24 hours.
News broke in February that the U.S. Federal Reserve and researchers at MIT are collaborating on a central bank digital currency (CBDC) initiative called Project Hamilton.
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Featured Image: Shutterstock/Swill Klitch
