Cardano Unlikely To Outperform Other Major Coins, Ben Armstrong Explains Why

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As a seasoned analyst with over two decades of experience in the financial industry, I have seen my fair share of market fluctuations and cryptocurrency trends. While Cardano’s recent surge to $0.657 is certainly impressive, it’s important not to jump to conclusions about its long-term potential based on short-term performance.

Recently, Cardano hit a new high of $0.657, which is its highest price point since March 30 and represents an impressive 138% rise from its yearly low. But following ‘BitBoy’ Ben Armstrong’s forecast, there has been a subsequent correction in the cryptocurrency’s value.

In simpler terms, BitBoy Crypto, who is also known as Ben Armstrong, has shown doubt regarding how well Cardano might perform during the next market uptrend. He pointed out various factors that seem to be working against it, such as decreasing user interest, slow growth in Total Value Locked (TVL), and a shortage of institutional investment.

‘BitBoy’ Ben Armstrong Doubts Cardano’s Shine in Next Bull Run

Ben Armstrong, also known as BitBoy Crypto, has pointed out his doubts over Cardano’s performance when the next bull run occurs. He gave some reasons for his skepticism as well.

Initially, it’s worth noting that Cardano is currently facing a challenge in terms of attracting users when compared to other Layer 1 blockchains. Furthermore, there’s a noticeable gap between Cardano and its rivals in terms of Total Value Locked (TVL), a metric that measures the amount of assets locked within its smart contracts.

The second point is that there’s no proof linking Cardano’s creator, Charles Hoskinson, with influencing former President Donald Trump. Additionally, ADA has not received substantial investments from institutional investors, which may limit its potential for strong returns.

During this market uptrend, ADA is expected to perform favorably. However, it may not surpass most of the alternative coins that I have chosen.

We’re currently struggling in the user and total value locked competition compared to other L1s (Layer 1 networks).

— The BitBoy (@BenArmstrongsX) November 12, 2024

 

In contrast to his firm stance in July, Armstrong’s current criticism is more moderate. Back then, he was quite skeptical about ADA’s long-term viability, even going so far as to call it a “dead” asset. He believed that venture capitalists and institutions had little interest in it, suggesting that any substantial investment in ADA was unlikely. This, for him, signified the end of its credibility.

He mentioned that while ADA could potentially yield profits during this ongoing bull market, it’s expected that these returns may be relatively lower than those of other investments.

After Charles Hoskinson, the founder of Cardano, chose not to interact with Armstrong due to Armstrong’s past criticisms of ADA, Armstrong later reiterated his viewpoint on the matter.

Cardano’s Impressive 138% Rally: What’s Driving the Surge?

As a crypto investor, I’m thrilled to share that just moments ago, Cardano reached an impressive peak of $0.657 – the highest since March 30! That’s a whopping 138% increase from its lowest point this year. However, it’s important to note that at the time of writing, Cardano is correcting and trading at $0.578, marking a 12% drop from its weekly high. But here’s some encouraging news: within the past 24 hours, there were approximately $14 billion worth of transactions, which seems to have contributed significantly to this price surge.

In a broader context, the significant cryptocurrencies, including Bitcoin, have experienced a pullback. The price of Bitcoin dropped from around $90,000 to $86,000.

Investors are cashing out their earnings from previous market surges, a typical move following substantial increases, leading to a dip in the market. This dip is often associated with the practice of cashing out, which occurs when investors decide to secure their profits after major market rises.

Currently, Cardano is experiencing an upward trend due to several factors. One significant reason is that its founder, Charles Hoskinson, has indicated a possible deepening of cryptocurrency’s role in U.S. policy-making. This perceived move may be linked to Donald Trump’s election victory. Recently, Charles Hoskinson disclosed his intention to collaborate with the U.S. government under President Trump, focusing on shaping legislation for the cryptocurrency sector. His objective is to facilitate the development of clear regulatory guidelines within the digital asset industry.

As a researcher delving into the world of cryptocurrencies, I am eager to tackle the decades-long uncertainties and regulatory hurdles that have plagued this industry. This endeavor reflects my commitment to fostering a more favorable environment for the widespread acceptance of digital assets, following in the footsteps of Hoskinson’s vision for constructive change.

The total value locked in Decentralized Finance (DeFi) within the Cardano ecosystem recently reached an impressive seven-month peak of $350 million. If successfully integrated with BitcoinOS, this figure could potentially soar even higher, potentially tapping into a massive $1.3 trillion worth of liquidity.

Similarly to Cardano, there was a synchronized surge, closely linked with an increase in futures open interest that exceeded $500 million for three days straight – a feat not seen since March. This consistent rise indicates growing optimism among traders regarding the short-term prospects of this asset.

Crypto Community Divided Over BitBoy’s Account Hack

Additionally, it’s been mentioned that BitBoy Crypto’s account previously posted a fraudulent link, allegedly causing some followers to lose their digital wallet funds. Later on, Armstrong took to Twitter to clarify the situation, stating that his account had been hacked and that he had assured his followers that the issue had since been resolved.

He went on to warn that attacks on crypto holders and influencers would probably worsen as the bull run goes on.

Yet, some believe that Armstrong himself may have invented the event as a disguise for his own shortcomings or discrepancies in his record.

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2024-11-12 19:24