Cardona’s demand is increasing, according to the host of prominent crypto analytics and market analysis show “Coin Bureau,” despite the coin’s recent dismal price performance.
Cardano’s adoption has been “red hot,” according to Coin Bureau host “Guy” in a recent YouTube update. According to him, the number of unique Cardano wallets has climbed by more than 50%, and the amount of assets on the blockchain has more than doubled.
Guy also mentioned that Cardano’s network had “dozens” of decentralised applications (DApps), with hundreds more in development. Cardona’s demand is increasing, according to the host of prominent crypto analytics and market analysis show “Coin Bureau,” despite the coin’s recent dismal price performance.
Coin has updated his YouTube channel.
Here is What Coin Bureau host “Guy” Had To Say
As reported by The Daily Hodl, he said,
This suggests that there’s still lots of demand for ADA coming from retail investors and users. Remember that there seems to be a significant amount of demand for ADA coming from institutional investors too.
Despite the demand from retail and institutional investors, Coin Bureau’s host noted that $ADA’s price had continued to decline. He argued that Cardano was too correlated with the price of Bitcoin, leading to the crypto asset’sv price sinking alongside $BTC. He also speculated that additional selling pressure was being generated by the FinTech companies associated with Cardano in an effort to expand their development teams and secure more partnerships.
There’s no question that this will lead to some serious growth for ADA in the long term, but there’s also no question that this sell pressure seems to be suppressing ADA’s price potential in the short term.
Due to the detrimental impact of persistent selling pressure, Guy forecasted that Cardano would be “lucky” to rise more than 2X from its current price in the short term. However, he claimed the long-term potential of $ADA was a “completely different story,” and that the price will be determined by Cardano meeting its forthcoming objectives.