Crypto Analyst Explains How Cardano ($ ADA) Can Mimic Ethereum ($ ETH) Success

Recently, popular crypto analyst and trader Benjamin Cowen outlined how Cardano can follow in Ethereum’s footsteps for even greater success.

In a video posted on the eve of the launch of smart contracts support on the Cardano mainnet, i.e. the Alonzo Hard Fork Combinator (HFC) event, Cowen told his YouTube channel’s 538,000+ subscribers that Cardano was on the Ethereum’s success could build by highlighting its adoption.

Cowen highlighted the widespread use of Ethereum for multiple protocols, including non-fungible tokens (NFTs) and decentralized finance (DeFi), which result in users hoarding and spending ETH. The market strategist said Ethereum’s applications made a huge contribution to its market cap.

According to Cowen, Cardano has yet to achieve a similar level of acceptance in terms of app usage. However, Cowen predicted that Cardano’s ecosystem and network effect would continue to grow, which would have a positive impact on the price.

As reported by The Daily Hodl, Cowen said:

Neither of us say I believe that Cardano’s ecosystem is currently larger than Ethereum’s, but I think Cardano will grow over time, and I think that as more utility emerges on the platform, it will have a positive effect on the price.

Cown then looked at the $ ADA- $ ETH trading pair and mentioned that a $ ADA token could be worth up to $ 4.50 if we see a new one-off high, which appears to be its mid-term target for $ ADA .

Cowen also said that $ ADA is in a major replenishment phase trading between $ 1 and $ 3, but predicted that the asset would “break out” to a new milestone once $ ADA breaks above $ 3.

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The views and opinions of the author or the persons mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets carries the risk of financial loss.

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