The market is gaining bullish momentum, and if Bitcoin holds above $8000, then there is a reason to believe that the bulls are back. On top of that, if the current momentum sustains, then good altcoin could see an explosion in value, and possibly test new highs. One altcoin that could give significant gains going forward is Cardano (ADA). It has lots of room for growth, and lots of positive factors supporting it.
For starters, Cardano is already a success as it is. It is a top 10 cryptocurrency, yet it hasn’t finalized on most of its key developments. For instance, the Shelley release is yet to happen, but it is close. This is a strong indicator that the market trusts that the IOHK team will deliver. Otherwise, Cardano would have been tumbling down market cap rankings all through the bear market. In essence, now that most of these developments are about to come to fruition, growing bullish sentiment could send this crypto on an epic rally. Evidence to this is in the way Cardano rallied in late Q1, on the expectation that Shelley would be announced during the IOHK Summit. Clearly, if the team finalizes on Shelley under current market conditions, Cardano could see its value rise significantly, and easily emerge as one of the best performing altcoins.
These ongoing developments also create a perception of cheapness, which is likely to keep drawing in retail investors as the market gains momentum. At this point, Bitcoin is relatively expensive for most people. This will play a huge role in driving small investors into altcoins. That’s because, most altcoins right now are still trading at over 80% loss from their all-time highs. Cardano is one of those that appear to be cheaper than most for obvious reasons. It is still a work in progress, and has made huge developmental progress. From decentralization to the upcoming Cardano (ADA) smart contracts, there is so much coming up in Cardano. As retail money FOMOs into low-cost cryptos that have potential, Cardano could take a huge chunk of these investments and emerge as one of the biggest gainers.
The idea that Cardano is undervalued is cemented by its growing geographical reach. The IOHK has been signing deals with different countries, especially in the developing world. So far they have made inroads in Africa and Asia, where blockchain technology is needed most. These are significant, and deepen the intrinsic value of Cardano (ADA), hence contributing to FOMO in a bullish market.
It is not surprising that Cardano is gaining momentum at this point. If Bitcoin continues this way, and pushes above $10k, Cardano and many other low-cost altcoins could easily retest their all-time highs within a very short time. This would be a huge return on investment for someone getting in at current prices. It’s one of the altcoins that has so much room for growth in value. Interesting times await Cardano investors in the second half of 2019.