I am not someone who loves to join in the hype train but I just need to give my two cents on Cardano. It is absolutely tearing it! And yes I am a long term holder of ADA (their native token) and a strong believer in Cardano. ADA was the first few cryptocurrencies that I bought when I first started trading in the crypto markets. Admittedly I initially thought that it was like super underpriced due to the fact that it was one of the top 10 in marketcap that wasn’t above USD 1 (other than XRP). Of course now that I understood the meaning of marketcap, I am still very bullish about Cardano. And for the record I believe Cardano will do very well for the near future. The number of projects that will come aboard will be staggering. Just imagine once their smart contracts are up and running, how many projects will be using the Cardano blockchain and the demand for ADA will rise corresponding.
I had done a few quick reviews on Cardano and what I think of this project- you can read them here and here. So I am guessing the most important question for the readers is whether or not I will be selling my ADA soon. Especially seeing that the prices of ADA have reached all time highs and there are some sights that the entire market is losing steam. My answer would be no. I will still be holding ADA. I might sell a small portion of my holdings but I will be keeping the majority of my ADA portfolio. The main reason why I am bullish about Cardano is simple – their project and codes are all peer reviewed. We will probably not see the repeat of the various hacks on projects based on Cardano (assuming that the hack is due to Cardano blockchain vulnerabilities) or at least lesser chance of it happening. And this will surely inspire some confidence in the crytosphere. I mean just check out the recent hacks in various Defi platforms which resulted in huge losses for investors. Do we want a repeat of that again? I don’t mind the project being slow, as long as they deliver the technology as secure as possible and give investors the least amount of heartache.
For investors thinking of getting into ADA, I think now is likely a good time to enter. The next few months we will probably see an explosion in the price of ADA. Remember the Alonzo Purple upgrade should be the last upgrade for the Alonzo hard fork. At this stage, smart contracts will be fully supported in the production network. Expected date is around September 2021. Their testnet (for beta testing) seems to be going on fine for the beta testers. So yes, I am looking forward to seeing what price would ADA jump to once the upgrade is complete. But if you ask me, once it hits like USD 3.5 or so, you should not FOMO in anymore. Or you could wait till the bear market which I think will probably occur around Dec or maybe early next year. So during these periods of bearish sentiments, investors should accumulate cryptocurrencies as the prices will be low(er). Of course knowing exactly when the bear market or the bull market start is the billion dollar question. I think even whales or financial institutions cannot accurately predict this.
And sadly I am no financial advisor. Any information here is purely for informational and entertainment purposes only. Readers should do their own research when investing.