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Cardano draws crowds as the price rises!

Photo of: Joseph Stone
by Joseph Stone

Cardano, a crypto that is rising among investors. Investors are more optimistic about the potential of the ADA token than BTC. They are nevertheless planning to acquire more Bitcoin in March.
Bitcoin? It “is actually pretty useless,” said the director of crypto investment fund FD7 Ventures. Prakash Chand isn’t sticking to mere statements, however. The fund plans to sell $750 million worth of Bitcoin to reinvest in Cardano and Polkadot.

“I’m willing to bet that each of Ethereum, Cardano and Polkadot will be more valuable than Bitcoin in the next few years,” he justified. And he’s clearly not alone in sharing this optimism about these cryptocurrencies.

The broker Voyager Digital has surveyed American retail investors on their feelings about the various crypto market. And Cardano is the winner among this panel, ahead of Bitcoin.

31.8 percent of investors describe themselves as “most optimistic” about Cardano, compared to 22.2 percent for Bitcoin. This is followed by Ethereum (12.2%) and Polkadot (6.3%). The interest in the ADA token is not a surprise, however.

Since February, the token has been growing rapidly. As a result, Cardano now occupies the coveted position of the third largest cryptocurrency in the world in terms of capitalization. This puts it behind two immovable giants, Bitcoin and Ethereum.

For Steve Ehrlich, CEO of Voyager Digital, the survey results demonstrate the diversification of the crypto ecosystem. This now offers a wider range of investment choices in terms of digital assets.

While Bitcoin is slightly less popular, it is still a must-have crypto asset. The majority of those surveyed expect a new phase of growth in its value. They estimate that its price should be between $51,000 and $60,000 by the end of March.

This is indeed the trend taken by the market since the beginning of the week. The price of Bitcoin was close to $55,000 on March 10. The “trading range between $42,000 and $58,000 could last for some time, before going for new records,” comments our expert, Vincent Ganne.

While Cardano’s potential is attracting interest from investors, the two cryptos are not necessarily competing. 82% of the participants in the study actually plan to acquire more BTC in March.

One trade-off seems to be a given, however. Between crypto assets and traditional investments, the choice is made among these investors. 60% of respondents consider them to be the biggest store of value. Precious metals such as gold (8%), stocks (6%) and government bonds (1%) point far behind.