- Regarding recent Cardano advances, Charles Hoskinson stated that the project is on track to surpass rivals Bitcoin and Ethereum.
- Hoskinson thinks that Cardano's decentralized governance mechanism will help it grow become the biggest cryptocurrency in the world.
- The altcoin is at support at $0.2589 and is currently in a negative trend that began in mid-April for the ADA price.
American businessman and Cardano founder Charles Hoskinson gave his opinions on the cryptocurrency. The Ethereum alternative's designer predicts that due to widespread acceptance, the token will surpass its rivals Bitcoin and Ethereum in terms of market valuation.
The altcoin has not recovered as a result of Hoskinson's comments; at the time of writing, the price of ADA sits at support at $0.2589
Charles Hoskinson believes Cardano can beat competitors
The two cryptocurrencies with the highest market capitalization in the cryptosphere are Cardano's rivals Bitcoin and Ethereum. Hoskinson spoke at the blockchain conference Rare Evo 2023 and discussed his thoughts on the most recent Cardano advancements.
Hoskinson noted that Cardano is likely to overtake Bitcoin as the most popular cryptocurrency during his address. Hoskinson cited the project's sustainability, scalability, and interoperability as reasons why it differs from the method followed by blockchains like Bitcoin and Ethereum. This backed up his optimistic statements on the project.
The Alonzo upgrade, a recent Cardano update, drives smart contracts on the altcoin's blockchain and fosters the growth of dApps and DeFi initiatives in the ADA ecosystem. Cardano can compete with Bitcoin, Ethereum, and other projects in the ecosystem thanks to its utility and potential market reach.
At the time of writing, the price of ADA is falling and is trading at $0.2589. The alternative currency is below its three long-term Exponential Moving Averages (EMAs), which are located at 10,50 and 200-day prices of $0.2665, $0.2890, and $0.3344.
Hoskinson's remarks did not serve as a bullish stimulus for the price of ADA, and it is unclear when the altcoin will start to reversal its current trend.
Disclaimer:
Please be advised that buying cryptocurrency has a high level of risk. The markets for cryptocurrencies are extremely erratic and can result in significant financial losses. Before making an investment, it's crucial to do extensive research and take your risk tolerance into account. Before making any investment decisions, you should seek the advice of a knowledgeable financial practitioner as this material is not financial advice.