Coin Edition -
- The crypto trader and analyst Dan Gambardello uploaded his latest ADA analysis to YouTube today.
- Gambardello predicts that ADA’s market cap may soon reach $500 billion.
- At press time, ADA’s price was down 0.42% and was trading at $0.387.
The crypto trader and analyst Dan Gambardello uploaded his latest analysis for Cardano (ADA) to his YouTube channel today. In the video, he shared his belief that ADA is fundamentally strong given the recent launch of the Hydra scaling solution.
This analysis comes after Cardano recently launched its first mainnet version of Hydra. It is forecasted that the scaling solution will increase the network’s Transaction Per Second (TPS) rate to 1,000,000 transactions per second. As a result, members of the crypto community are calling Hydra the most significant scaling solution for the Cardano ecosystem.
Gambardello then stated that the recent Hydra launch has made ADA technically strong as well. He added that he believes ADA is in a better position than Ethereum (ETH) was in leading up to the 2017 bull run.
The trader also predicted that ADA’s market capitalization will reach $500 billion. He even suggested that this may happen in the next crypto bull run. Gamberdello did admit, however, that his predictions are more long-term.
Daily chart for ADA/USDT (Source: TradingView)
At press time, CoinMarketCap showed that ADA’s price was trading at $0.387 after the Ethereum-killer printed a 0.42% loss over the previous 24 hours. This negative daily performance had pushed ADA’s weekly price performance further into the red at -4.06%.
Meanwhile, ETH was trading at $1,945.90 as it was able to outperform its competitors and post a 2.54% 24-hour gain. This positive price performance had also pushed ETH’s weekly performance into the green at +2.29%. With a market cap of around $13 billion, ADA still has a long way to go before reaching ETH’s market cap of more than $234 billion.
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