The cryptocurrency market has been booming recently, and Cardano is no exception. However, not all experts share the same optimism as investors.
Ben Armstrong’s ADA Prediction
On November 5, the ADA price was $0.3266, and by November 11 it had reached $0.6130, an increase of 87.69%. Currently, the price stands at $0.6107. Ben Armstrong predicts the ADA could reach $5 in the short term, with a realistic target range of $2.50 to $3.50.
Concerns About Cardano’s Future
Armstrong highlights the strong competition Cardano faces from platforms like Ethereum and Solana, which have also performed impressively. Over the past 30 days, Ethereum increased by 18.5%, and Solana by 37.8%. Armstrong notes Cardano may offer limited long-term returns compared to more lucrative projects like Render and ICP.
Cardano Market Overview
At the start of the year, Cardano's price was around $0.6233. It fell to $0.4662 by January 25, but then steadily increased to $0.7701 by March 4. A peak of $0.7760 was reached on March 11. In April, the price fell again, but since November, the market has shown impressive recovery. In the last hour of trading, the price increased by 3%.
Cardano’s recent rally offers hope for investors, but Ben Armstrong’s warnings remind us to approach the market with caution.
