The entire cryptocurrency market has experienced impressive growth over the last week. Almost all top cryptocurrencies, including Cardano, have seen growth since the day of the U.S. presidential election. The Cardano market has surged 44.8% over the past seven days. Clearly, Cardano’s recent market performance has excited investors.
The market is up 6.5% in the last 24 hours alone. However, some cryptocurrency experts, such as Ben Armstrong, warn against considering Cardano as a viable long-term investment option. Why? Let’s see what cryptocurrency commentator Ben Armstong recently revealed about the health of the Cardano market.
Ben Armstrong's ADA Prediction
On November 5, the ADA price reached a low of $0.3266. On November 11, it peaked at $0.6130, a whopping 87.69% gain in just seven days. Currently, the price is $0.6107 — just below the November 11 peak.
Armstrong is optimistic about Cardano’s short-term potential, asserting that ADA’s price could go as high as $5 during the current crypto bull cycle. Moreover, he predicts that a price range between $2.50 and $3.50 is a realistic target.
Concerns about the future of Cardano
Armstrong highlighted the stiff competition Cardano faces from other platforms, calling it a “dying platform.” Ethereum and Solana have reported impressive performances recently. Over the past 30 days, Ethereum is up 18.5% and Solana is up 37.8%. Importantly, Armstrong noted that Cardano may offer limited long-term returns compared to more profitable projects like Render and ICP. Over the past seven days, Render is up 35.0% and ICP is up 6.0%.
Cardano Market Overview
At the beginning of the year, the price of Cardano was around $0.6233, which is slightly higher than its current price. On January 25, Cardano fell to a low of $0.4662. Between January 26 and March 4, the market saw steady growth, with the price increasing from $0.4662 to $0.7701. On March 11, Cardano hit a yearly high of $0.7760. Subsequently, buyers took control of the market, and by April 13, the price fell to a low of $0.4442. Between April 14 and November 9, the market fluctuated between $0.5166 and $0.3120.
When the latest momentum hit, the market was at a low of $0.3266. On November 10, the market broke out of this range. In the past hour alone, the market has risen by 3%.
