Similar to Bitcoin, Cardano saw a strong rally after the US election. However, it is still only up 74% year-over-year, which is far below Bitcoin’s accelerating pace, leaving room for further growth.
Furthermore, Cardano is currently trading well below its all-time high. At around $1, it is still 66% below its all-time high of $3.10. This significant discount could attract investors.
One of the main attractions for Cardano is the potential launch of an ETF based on Cardano in 2025. According to some investors, this event could be a catalyst for a three-fold price increase, which could push Cardano back to its previous highs from 2021. Some even see Cardano reaching $5.
However, Cardano appears to be losing ground in the race for layer-one blockchains. Ethereum is at the forefront, followed by a host of other competitors, with Cardano now likely to be in third or fourth place among the competing blockchains. However, at its current price of $1, writer Dominic Basulto argues that Cardano may be the “poor man’s Ethereum.” This is because Cardano has been performing better than Ethereum this year.#