With a monstrous rally of 1,087% since the beginning of the year, Cardano’s ADA tokens have become the fourth-largest cryptocurrency globally, drawing more and more attention in the crypto space. Over the last ten months, Cardano has outperformed many other investment assets and brought impressive returns to those who invested in ADA coins a few years ago.
According to data presented by BlockArabia.com, Cardano’s two-year investment return hit over 2,100% last week, despite the crypto price drop in September.
A $1,000 Investment in Cardano Two Years Ago Would be Worth $22,600 Today
After steady growth throughout the third quarter of the year, September has been pretty dynamic for the global crypto market. Since the beginning of the month, the world’s leading digital coins have all witnessed significant price drops, following a ban on cryptocurrency transactions and mining from China’s central bank, which declared all cryptos illegal in the country. Nevertheless, profits from investing in Cardano remained high.
Assuming an investor bought $1,000 worth of ADA tokens in October 2019, they would have picked up 10,252 coins priced at around $0.09754. A year later, in October 2020, Cardano’s price rose by 10%, turning that $1,000 investment into $1,100.
However, in 2021, the price of ADA coins exploded. In the first three months only, it soared by 584% to $1.21 and continued rising. On May 16, it jumped to $2.30 and then dropped sharply in June and July after the crypto price crash.
During August, Cardano’s price bounced back and continued growing, reaching an all-time high of $3 on September 3. Although this value plunged by 30% to $2.21 last week, that is still 22 times more than its price two years ago, meaning that $1,000 would be worth $22,600 today.
Cardano Among Top Three Fastest Growing Digitals Coins in the Crypto Space
Compared to the world’s leading cryptocurrencies, Cardano has a significantly lower price. However, Ethereum’s competitor was one of the fastest-growing digital coins in the crypto space this year.
The CoinMarketCap data showed Cardano was the only crypto, besides Solana and Dogecoin, with a four-digit YTD price growth.
Between January and October, the price of a single ADA coin soared by 1,087%, which is triple the growth rate of Ethereum and twelve times more than the growth of Bitcoin in this period. Statistics show Cardano’s price jumped by 55% in the last three months only, driving its market cap to over $70.7bn and ranking it as the fourth-largest crypto globally.
Solana – a Bitcoin Rival – Will Hit New All-time Highs This Year
Bitcoin rival Solana will hit new all-time highs of $250 by the end of 2021, predicts the boss of one of the world’s largest independent financial advisory, asset management and fintech organisations.
The bullish forecast from Nigel Green, founder and CEO of deVere Group, which has $12bn under advisement, comes as the price of Solana (SOL) has jumped 25% in two days amid a buoyant week for other cryptocurrencies, including Bitcoin which hit a fresh record high on Wednesday of more than $66,000.
Currently, at the time of writing, Solana is $208. Its previous price high was $214 reached in September this year.
Mr Green says: “Solana is certainly a rising star of crypto. With its price skyrocketing more than 100 times since the beginning of the year, its potential is becoming impossible to ignore.
“I believe that its bull market run will continue for the rest of this quarter and that it will hit new all-time highs of $250 by the end of 2021.”
The deVere boss and high-profile crypto advocate predicted in July that Bitcoin would surpass its previous all-time high this year – which was proven right this week. Similarly, he recently nailed his forecast that Cardano would hit $3.
He comments: “Solana has smashed past some key resistance levels in recent weeks, indicating that investors aren’t worried about squeezes to the downside.
“It’s gaining momentum and, as a result, a growing number of active holders. There’s no reason to expect this to slow considerably before the end of the year.”
Solana is a decentralised blockchain that gives developers a cutting-edge platform to create infinitely scalable DeFi apps and enable staking.
“The DeFi sector is about to explode due to the inherent real-world value it can offer almost every sector.
“Investors are increasingly understanding the network’s value not only as a platform for developers but as a worldwide financial utility.”
Mr Green concludes: “Solana is set to quietly outperform the rest of the crypto market this year. It’s one to watch.”
Ripple CEO Says The SEC Helped Ethereum to Overtake XRP As No.2 Crypto
Ripple chief executive Brad Garlinghouse has been airing his thoughts over the state of the crypto market and regulations, and a grudge over the financial regulator’s approach to Ethereum appears to have surfaced.
Speaking at the DC Fintech Week virtual conference on Oct. 21, the Ripple boss declared that Ethereum had been granted a regulatory green light that enabled it to surpass his company’s XRP token.
The U.S. Securities and Exchange Commission has been pursuing Ripple over claims that XRP is an unregistered security. In January, Ripple filed a Freedom of Information Act request with the SEC demanding to know why it didn’t consider ETH a security. Six months later in July, a district judge allowed the company to depose a former SEC official who declared in 2018 that ETH was not a security.
Garlinghouse clearly feels that his firm has been hard done by and Ethereum’s subsequent success is at least in part down to more favorable treatment by the SEC. He stated that it is affecting the market, adding: “Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”
XRP was the second largest crypto asset by market capitalization in late December 2017. It has currently slipped to seventh place while Ethereum has held the second spot ever since.
Garlinghouse also stated that the SEC has been taking an aggressive posture against crypto with recent actions against his own company and Coinbase. Commenting on Ripple’s battle with the financial regulator, he said that the SEC claims to be protecting consumers but:
“You have nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’.”
Earlier this month a U.S. district judge ruled that individuals holding the company’s XRP token could not participate as defendants in the lawsuit.
The SEC’s request to extend the deadline to complete discovery in its ongoing lawsuit with Ripple Labs and its executives has been granted and pushed to Jan. 14, 2022.
Ripple claims that any further delay in resolving this case will “cause serious harm to the interests of the defendants and XRP holders.”
The court acknowledged this but stated that the “additional time sought by the SEC will not affect the schedule to resolve the case.”
Bitcoin´s New All-time High Underscores its Mainstream Value
Bitcoin is undeniably a mainstream asset class and most investors should consider including crypto assets as part of a diversified portfolio, asserts the boss of one of the world’s largest independent financial advisory, asset management and fintech organisations.
The bullish observation from Nigel Green, CEO and founder of deVere Group, which has $12bn under advisement, comes as the world’s dominant cryptocurrency hits a new all-time high of more than $66,000 on Wednesday.
Mr Green notes: “In July, we publicly predicted that Bitcoin would reach and most likely beat it’s previous all-time highs.
“I am confident that whilst there might be some profit-taking in the near-term, so that investors can accumulate more later, the momentum is such that we can expect prices to continue on their upward trajectory.”
He continues: “This fresh all-time high deniably cements Bitcoin as a mainstream asset class. I believe that most investors should consider including crypto assets as part of a diversified portfolio.
“Why? Because crypto is the inevitable future of money and there is clearly going to be advantages for those investors who have exposure early on – in the same way as those who invested in the major internet, online and tech successes back in the day, such as Amazon, Google and Apple, have secured enormous returns.”
Wednesday´s price highs come as the ProShares Bitcoin Strategy ETF – the first of its kind – launched on the New York Stock Exchange on Tuesday at the opening bell.
The deVere CEO says there are there are five main factors that will secure the longer-term upward price trajectory.
“First is the U.S. Federal Reserve saying it has no intention of banning cryptocurrencies. It’s highly probable that other cryptocurrencies will have more stringent regulatory oversight, yet Bitcoin could be viewed differently by authorities partly due to its gold-like status,” he observes.
“Second is the ongoing, mounting interest from institutional investors including Wall Street giants and major payments companies, who bring their capital, expertise and reputational influence to the market.
“Third, is the rising number of crypto advocates and mega influencers like Elon Musk, Jack Dorsey and Cathie Wood who have a clear message: crypto is the inevitable future of money.”
Fourth, the technicals back the prediction. Looking at Bitcoin halving events, over time we’ve seen that values rise substantially in the year after a halving. After the 2012 and 2016 Bitcoin halvings, prices increased by 55 times and 15 times respectively.
“And fifth, cryptocurrencies – Bitcoin in particular – have changed the way the world handles money, does business, makes transactions and manages assets. Investors appreciate the intrinsic value of digital, borderless, global currencies for trade and commerce purposes in increasingly digitalised economies in which businesses operate in more than one jurisdiction.”
He goes on to say: “This will only increase as mass global adoption increases. Only last month El Salvador became the first country in the world to adopt Bitcoin as legal tender, and I’m certain many others will follow suit.”
Mr Green concludes: “Today is a major milestone. It underscores crypto´s mainstream appeal and galvanises its place in the global financial system.”
Social Media3 weeks ago
Facebook Downtime Plunges Zuckerberg’s Wealth by $7B in Few Hours
Crude Oil3 weeks ago
Crude Oil Trading Near 3-year High Following OPEC+ Agreed to Gradual Increase
eNaira4 weeks ago
Official eNaira Website Goes Live
Economy4 weeks ago
British Petrol Stations Run Dry as Truck Driver Shortage Disrupts Supply Chain
Energy3 weeks ago
Ikeja Electric Notifies Lagos Customers On 8-Week Power Outage
Economy3 weeks ago
Nigeria Spent N445bn on Debt Servicing in Q2, Debts Hit N35tn – DMO
Dividends2 weeks ago
List of Dividends Declared So Far in Nigeria in 2021
Travel3 weeks ago
Passport Power Ranking Records Widest Ever Gap in Travel Freedom