The entire cryptocurrency market has experienced impressive growth in the last week. Almost all the top cryptos, including Cardano, have seen growth since the day of the US presidential election. The Cardano market has recorded a surge of 44.8% in the last seven days. Evidently, the recent market performance of Cardano has thrilled its investors.
In the last 24 hours alone, the market has displayed a rise of 6.5%. However, some crypto experts, like Ben Armstrong, warn against approaching Cardano as a viable long-term investment choice. Why? Let’s see what Crypto Commentator Ben Armstong recently revealed about the health of the Cardano market.
Ben Armstrong’s ADA Prediction
On November 5, the ADA price was as low as $0.3266. On November 11, it touched a peak of $0.6130, marking an impressive increase of 87.69% in just seven days. Right now, the price stands at $0.6107 – slightly lower than the peak of November 11.
Expressing his optimistic view about the short-term potential of Cardano, Armstrong asserted that the ADA price could reach as high as $5 during the current crypto bull cycle. Additionally, he projected the price range between $2.50 and $3.50 as a realistic target.
Concerns About Cardano’s Future
Highlighting the tough competition faced by Cardano from other platforms, Armstrong dismissed it as a ‘dying platform’. Ethereum and Solana have reported impressive performance lately. In the last 30-days, Ethereum has raisen by 18.5%, and Solana by 37.8%. Importantly, Armstrong noted that Cardano may provide limited long-term returns compared to more lucrative projects like Render and ICP. In the last seven days, Render has climbed by 35.0%, and ICP by 6.0%.
Cardano Market Overview
At the start of this year, the Cardano price was around $0.6233 – slightly higher than its current price. It slipped to a low of $0.4662 on January 25. Between January 26 and March 4, the market steadily grew, taking the price from $0.4662 to $0.7701. On March 11, it touched a yearly peak of $0.7760. Later, buyers took control, pulling the price to a low of $0.4442 by April 13. Between April 14 and November 9, the market fluctuated within the range of $0.5166 and $0.3120.
The market was at a low of $0.3266 when the latest momentum hit. On November 10, the market broke above the range. In the last hour alone, the market has registered a 3% increase.
In conclusion, Cardano’s recent rally offers hope for investors, but Ben Armstrong’s warnings remind us to approach the market with caution.
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