Ben Armstrong’s Analysis: Cardano ($ADA) & Its Price Potential

In a recent video update, popular crypto analyst and influencer Ben Armstrong took a deep dive into the world of Cardano ($ADA), a proof-of-stake blockchain platform. Armstrong’s analysis covered the recent launch of Mithril on the Cardano network and the future price potential of $ADA.

Armstrong kicked off the episode by discussing the recent launch of Mithril, a state-based protocol on the Cardano mainnet. This marked a significant milestone for Cardano, as it promises to increase speed and efficiency across the network.

Mithril’s primary aim is to reduce the time required for nodes to sync with the blockchain. This means users can obtain the current state of the blockchain without having to retrieve its full history. Armstrong highlighted how this technological upgrade is a significant improvement, especially for those who have experienced the lengthy sync times of the Daedalus wallet, a native wallet for Cardano.

With Mithril, the time to sync is drastically reduced. This upgrade is pivotal for the Cardano network, as it enhances user experience and overall network efficiency.

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The highlight of the episode was Armstrong’s discussion on the potential of Cardano’s price hitting $100. While many Cardano investors might dream of such a price point, Armstrong provided a more grounded perspective.

He stated that the chances of Cardano reaching $10 would be very difficult, let alone $100. For Cardano to reach $100, it would require a 32,260% increase, which Armstrong believes is highly unlikely under current market conditions.

However, Armstrong did note a caveat. If hyperinflation comes into play, the dollar will continue to become more and more worthless. In such a scenario, these seemingly outrageous price predictions could become plausible. But it’s important to note that this scenario is based on the devaluation of the dollar, not the inherent value of Cardano itself.

Interestingly, another prominent crypto influencer, Dan Gambardello, the founder of Crypto Capital Venture, recently shared his long-term outlook for Cardano (ADA). Drawing from historical data and benchmarking against other digital assets, Gambardello anticipates a significant rally for ADA, with a potential all-time high of $7.80, in the next bull market.

Featured Image by Traxer via Unsplash

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• Source: https://www.cryptoglobe.com/latest/2023/08/cardano-crypto-analyst-ben-armstrong-on-mithril-and-likelihood-of-ada-price-hitting-100/