Guy Turner, creator and broadcaster of the wildly popular crypto market analysis program Coin Bureau, outlined why he is positive on Cardano ($ADA) last week.
According to a report from The Daily Hodl, Turner said the following regarding Cardano during an appearance on the CryptoBusy podcast:
“I would choose ADA at this time. Indeed, it has its issues. And it has its critics. But, I believe it has advanced significantly lately. I believe the Vasil update went rather smoothly. Clearly, there is a very devoted Cardano community, which I appreciate… And I believe this is becoming more significant in the cryptocurrency industry, since these projects need users and communities to thrive. I certainly like this aspect of Cardano. I like the idea that many additional enhancements are planned. The Hydra is coming. This is mostly involved with scalability. Therefore I believe the future is bright.”
On 14 February 2023, the crypto analytics company Santiment examined Cardano ($ADA), the seventh most valuable cryptocurrency by market capitalization. According to the blog post by Santiment, there are a number of good and negative criteria to consider when evaluating the present condition of Cardano.
Positively, the number of “whale transactions” has climbed considerably, from 300 per day in January to an average of 1,700 per day in February. After the FTX collapse in November 2022, whale and shark addresses owning 10k to 10m ADA has collected 659.53M ADA worth $235.5M. The fact that current average trader returns are negative also suggests a lesser risk for investing in Cardano at this time.
Yet, there are also unfavourable measures to consider. During the last six months, the average number of days that coins are stored at an address has climbed dramatically from 267 to 407. In addition, the number of daily active ADA network addresses has reduced from 85,000 in November to 62,000 presently.
Santiment feels there are more reasons to be hopeful than negative about Cardano. In addition, the present opinion of traders towards ADA is somewhat negative, which may imply that a price explosion might surprise the market.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.