In a new strategy session, the host of leading podcast program InvestAnswers tells 443,000 YouTube subscribers that he is keeping a close eye on the top smart contract platform Ethereum (ETH) and decentralized blockchain protocol Cardano (ADA) these days. Claiming that ADA can outperform Ethereum, the analyst reveals interesting data.
According to the analyst, ETH started to lose momentum after the excitement created by the Merge update. Stating that the base level on this chart may be 0.00025, the analyst emphasized that Cardano has not yet started its expected rally. The analyst stated that the upcoming Vasil Hard Fork, which was recently postponed from Cardano's first launch date in June, will play an important role in this process. According to the analyst, if the hard fork for Cardano is successful and the adoption rate increases, ADA will definitely outperform ETH.
Cardano is currently trading at $0.54, down 3%, while Ethereum is down 2% to trade at $1,860. The ADA/ETH trading pair is located at 0.00029 ETH ($0.54). The analyst, who used the Puell Multiple indicator to measure whether Bitcoin (BTC) hit the bottom in the bear cycle, made striking statements. The metric is determined by dividing the daily issuance value of BTC by its 365-day moving average. The expert shared a chart showing the bottom in Bitcoin during the bear markets in 2015, 2019 and 2020. Emphasizing that the blue color indicates the base level in this metric, the analyst revealed that he had obtained reliable data in the past. According to the analyst, Bitcoin has reached the bottom and will gain momentum in the long run.
The Cardano project has come under intense scrutiny since its inception, with many controversial names used to describe the project, such as "Ghost Chain". The biggest disappointment comes from the speed with which the blockchain's development team is performing significant upgrades, which is considered relatively slow. However, Hoskinson and other Cardano developers are ignoring these criticisms as they continue to take a measured and cautious approach to protect investors. Hoskinson said that Cardano often moves slowly and cautiously to avoid making similar disastrous mistakes made by other blockchain projects in the past. Regardless of the criticisms against Cardano, the team offers an approach focused on ecosystem research, according to the experts.
“We have always followed a defined, clearly defined roadmap to increase Cardano's capacity and fulfill its long-term potential,” said Hoskinson. The launch of Cardano's Vasil Hard Fork has been consistently delayed. Hoskinson said the delay was necessary as it would help the development team and other projects check for bugs and provide relevant fixes before they're released.