Altcoin News

Why there’s ‘no denying’ this about Cardano

While the ongoing cryptocurrency market correction persists, the question on many retail traders’ minds is which Alt is worth betting on? While there may be many other contenders making it on this list, Cardano may just be the coin on top of the list. Well, that’s what a few popular analysts have said in recent times.

Trader and analyst Benjamin Cowen shared his optimism towards the alt. In a recent video, he said:

“An interesting aspect to note about ADA – ADA is significantly outperforming most large-cap crypto assets including Bitcoin (BTC) and Ethereum (ETH) since the coronavirus-induced panic last year.”

He also tweeted:

The graph below provides further perspective on how ADA’s ROI over the past year has increased.

Source: Benjamin Cowen| YouTube

As evident from the CoinMarketCap, ADA’s year-to-date (YTD) clocked in a massive 790.86%. Also, its 24-hour chart showcased an impressive rebound (V-shaped) after a period of consolidation.

Source: CoinMarketCap

The analyst reiterated,

“ADA is actually one of the few coins that are holding up relatively well against Bitcoin. Many coins have bled significantly against ADA. ADA has not.”

Another crypto proponent, Michaël van de Poppe, also addressed why the altcoin has been ‘one of the strongest performers in the market’. As per his tweet:

Cardano’s bullish run has seen a surge in its social metrics as well. LunarCrush tweeted:

Cardano was trading at the $1.72 price level, after witnessing a surge of about 11.17% in the past 24 hours.

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