Cardano is a project that I became increasingly long-term bullish on once it reached the $0.40 price zone. ADA is currently trading at approximately $0.33 at the time of writing. During the course of 2021, I felt as if the meteoric rise of ADA was unfounded. I was unable to commit to a position as I reasoned that much of it was based on future potential, and therefore, considered that it would eventually retrace, providing a more reasonable entry.
Cardano was trading alongside (market cap) many other top chains that had loads of development, dapps, and on-chain activity. It definitely seemed as if investors were placing the cart before the horse. Looking at Cardano in 2022 is a completely different story. Long-term investors can now purchase ADA at a 90% discount to 2021 highs, and chances are, it trades sub $0.30.
Cardano is beginning to look more and more appealing, as it has managed to avoid much of the drama that is common to its competitors. When you consider that Cardano is yet to have its “moment” in regard to dapps and other projects being built on Cardano, you can begin to understand why it just may be a solid choice for the next bull market. Cardano is yet to see a price surge in relation to actual development.
The Competition Is Somewhat Tainted
Ethereum has always been the obvious choice for the future, in regard to a base layer that would be foundational for WEB3 and the future economy. However, considering what has transpired post the POS transition, many may be considering other viable alternatives. I am one such individual. Unfortunately, I am no longer that bullish on ETH and may choose to build up a modest allocation for the future.
I did choose to scale out of ETH some time back, selling the majority between $4500 and $3500. ETH at $700 might be enticing though. Solana has been the second favorite, especially in terms of activity and TVL. Obviously, this viewpoint is now facing an enormous challenge, and it’s difficult to know how Solana will perform in the future. I do have some buy orders set at extremely low levels. I doubt they will ever trigger, but you never know.
Cardano has a lot going for it right now. Not only did it avoid being collateral damage, but it is yet to experience its “glory moment”. I mentioned that I am quite bullish on ADA back in May already, and that was before all of the recent events. You can imagine that I am even more bullish now, and am slowly increasing allocation at current levels. A further drop will see me ramp up my accumulation of ADA. Currently, I am only utilizing passive mechanisms for accumulation.
Ethereum and Solana both happen to face future hurdles and challenges, while Cardano is actually primed to perform. There is likely to be a reasonable amount of time for accumulation, as recent events have only served to delay the end of Crypto winter. Remember, this is a high-risk environment! Don’t play the game if you don’t understand the risks involved. The risks are real!
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.
Comprehensive list of referral links for platforms & opportunities I utilize to generate daily Crypto income.
Posted Using LeoFinance Beta