By Alessandro Albano
Investing.com – In a bad time for digital assets, Cardano has proven to be the most resilient of the top 10 cryptocurrencies, as opposed to peers like Ethereum and Bitcoin who have struggled to break through the nearest resistance levels.
Over the past week, Cardano (the sixth largest coin by market cap) has risen around 5% on the Investing.com Index, outperforming Ethereum (down 6%) and Bitcoin (down 3.6%). This is a counter trend that for many experts indicates the potential of the digital currency and the project that supports it.
New highs at the end of 2022
According to deVere Group CEO Nigel Green, Cardano could reach an all-time high “before the end of 2022” stealing the market share of rivals such as Ethereum.
“The main reason why Cardano has jumped dramatically in price over the last week is due to the enthusiasm surrounding the launch today of SundaeSwap, which will make use of its pioneering underlying blockchain technology,” Green said.
SundaeSwap is a decentralised cryptocurrency exchange on which users can buy, sell, lend, borrow, and trade Cardano tokens, as well as the exchange’s own SUNDAE token. According to the latest information, approximately 2 billion SUNDAE tokens will be issued at launch, 55% of which is available to the public, 25% to developers, while the rest is reserved for investors and project advisors.
“I’m confident that we will see Cardano hit fresh all-time highs before the end of the year because the upgrades just keep on coming,” Green added.
“We’re hitting the next stage of Cardano’s five defined eras of development. This next one is called Basho – named after a Japanese poet – and it promises to further improve the scalability and interoperability of the network through both on-chain and off-chain enhancements.
“Inevitably this is going to excite investors who are likely to increase their exposure to the cryptocurrency, driving up its price considerably.”
Ethereum and Bitcoin under pressure
Green goes on to say that Cardano poses a threat to Ethereum, as not only can it be used as a currency but its blockchain can be used to build smart contracts, protocols and decentralised applications. Plus, it is said to be “significantly more scalable than Ethereum,” Green added.
“It will also pose a challenge to the all-mighty Bitcoin,” Green posits. “This is because those who invest in digital assets already or are planning to do so, know that one of the secrets of successful investing is diversification.”