Cardano is the fifth-largest digital asset in the market and has not let enthusiasts and investors down. The crypto market has been facing constant corrections in the past week that plunged BTC below $30,000 and ETH below $2,000.
Cardano has also been impacted by the alarming situation. However, crypto analyst Benjamin Cowen seems to think it is still one of the best altcoins in the market. According to Cowen, Cardano is “one of the main racehorses of the market cycle.”
There have been a few upgrades planned for the Cardano blockchain as well, that will furthermore enhance its importance and utility. Therefore, if you are a potential investor and want to buy Cardano, you can click on Binance or Kraken and avail free bonus today.
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What is Benjamin Cowen’s Analysis?
Benjamin Cowen has around 467,000 subscribers on YouTube. He recently stated in one of his videos that Cardano is one of the few altcoins in the market that “held up” during the correction cycle witnessed for the crypto market.
“If you look at the chart, ADA made a move to the $1.20 mark around late February, and since then, it’s more or less stayed the same, with this brief move back up to the upside. But the story will tell that… ADA basically has just moved sideways. So with that said, what does that mean? Well, it means that ADA has actually outperformed many altcoins.”
According to the data on CoinGecko, Cardano surged as high as $2.45 on May 16th. After rising as high, ADA was seen to lose almost 50% of its value, bringing it down to a low of $1.00. This was witnessed yesterday, however, since then the altcoin has climbed as high as $1.26 (at the time of writing).
In other terms, Cardano has only seen an increase of 5.50% in the last 24 hours.
Here is a graph by CoinGecko to show the fluctuations in ADA’s price, tracing back to May.
Should You Be Optimistic for ADA?
The price fluctuations in Cardano have been showcased in the graph above. However, despite the loss faced by the altcoin, crypto analyst Benjamin Cowen is adamant that ADA is one of the best altcoins to look at.
Regarding the price fluctuations and the loss seen by ADA, Cowen stated:
“You may say, ‘Ben, well it’s 50% [down], is that really that great?’ Given the circumstances, it is. Bitcoin is down 50%… Given that ADA is continuing to perform relatively well given the market conditions, I think that it just further provides evidence that it is one of the main racehorses of the market cycle.”
However, a more important question is whether you should be optimistic about ADA too or not?
Cardano is expected to excel and rise the ranks, thanks to the Alonzo Upgrades planned for the Cardano blockchain. Once all phases of the upgrade are successfully launched, ADA is also anticipated to be the direct competitor of ETH, according to some crypto enthusiasts.
Nevertheless, this is yet to be seen in real life, until then the significance of ADA is still inevitable.
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