Benjamin Cowen, the popular crypto analyst, and trader outline how Cardano, a public blockchain platform, follows in the footsteps of Ethereum to achieve greater success.

A video was released on the eve of the smart contracts launch that supports the Cardano mainnet, the Alonzo hard fork combinator (HFC) event. In the video, Cowen addressed over 538K subscribers of his YouTube channel and said that Cardano was capable of building upon Ethereum’s success by emphasizing application adoption.

Cowen exclaimed that Ethereum’s use for multiple protocols, including NFTs and Defi, causes users to hoard and spend ETH. He also mentioned that Ethereum’s applications had been a large contributor to its market capitalization.

According to Cowen, Cardano will achieve a similar level of adoption as Ethereum. However, Cowen also predicted that Cardano’s ecosystem effect would continue to grow, positively impacting its pricing.

Cowen said, “None of us, I don’t think, are claiming that Cardano’s ecosystem is currently bigger than Ethereum’s, but I do think that Cardano will grow with time, and I do think that as more utility is built out on the platform, that this will have a positive impact on the price.”

Cowen then looked at the trading pair of $ADA-$ETH and hinted that his medium-term price target for $ADA was worth as much as $4.50. He said that $ADA was trading between $1 and $3 and was in a large re-accumulation phase, but it would “blast out” to a new milestone once the price breaks above $3.

The Product Manager at Infura, Michael Godsey said, "Sending transactions to Ethereum can be a huge barrier to a quality user experience. Moreover, direct interaction with ETH can be inconvenient for many companies. ITX not only addresses these issues but also helps reduce transaction costs by eliminating the need to manage a transaction after it has been sent actively."

Rushali Das

CBW - External Analyst

INDIA