A well-known crypto analyst with his successful assumptions argues that Cardano (ADA) will fall into obscurity like EOS and BCH. The analyst says that peaks are a dream in the next bull cycle for this giant altcoin project.
Will Cardano go to the discredited altcoin class?
Cryptocurrency analyst nicknamed DonAlt, known for his accurate assumptions, suggests in a recent tweet that Cardano (ADA) will likely share one-to-one fate with EOS, Litecoin (LTC), and Bitcoin Cash (BCH). For the analyst’s accurate claims Koindeks.comSee this article.
EOS and Litecoin were altcoin projects that once enjoyed considerable popularity. However, during the previous bull run, they were unable to get any random traction. That’s why they are in the category of discredited altcoin projects. Litecoin, one of the oldest altcoin projects, has seen little development in recent years. Also, anemic price action continues to reflect this. The altcoin, which was once in the top 10 and priced in silver where Bitcoin was gold, is now struggling to maintain its 20th place on CoinMarketCap.
EOS was introduced as ‘Ethereum on Steroids’. It broke a record with $4 billion in the first cryptocurrency supply (ICO). He subsequently achieved tremendous success in early 2018. However, it has faced an exodus of high-profile developers. Thus, it gradually lost its relevance in the market. He noted not only his interest, but also his value in a significant way. Currently, the cryptocurrency has dropped 95.45% from its all-time record high.
Bitcoin Cash (BCH) is a hard-fork of Bitcoin (BTC), the largest cryptocurrency by market cap. The altcoin has plunged into uncertainty after the latest bull market cycle. It currently has a modest $2 billion market cap. This makes it the 31st largest cryptocurrency. Earlier in January, Ethereum co-founder Vitalik Buterin admitted that BCH was ‘a failure’.
“No peak for ADA in next bull cycle”
DonAlt says Cardano (ADA), now known as the ‘Ethereum killer’, will not be able to reach new highs in the next bull cycle. On the other hand, Ben Armstrong, the controversial crypto YouTuber, recently suggested that Cardano will surpass Bitcoin.
Cardano currently ranks 8th in terms of market cap. At press time, the altcoin was trading at $0.3574, down 1.42% on a daily basis. However, ADA has dropped 88.5% from the $3.10 ATH level it saw about a year ago.