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June 15, 2024
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Here’s Why Traders Need To Keep Eye On Cardano and Algorand in Next Bull Run

The post Here’s Why Traders Need To Keep Eye On Cardano and Algorand in Next Bull Run appeared first on Coinpedia Fintech News

The crypto market which had just attempted to regain the lost bull run, has yet again flipped its move with bears taking over the market. The lead cryptocurrency, Bitcoin, has plunged below $20,000 area and is now trading at $19,972 after a fall of 1.60% over the last 24hrs.

The same is the case with altcoins such as Ethereum (ETH), Solana (SOL) Cardano (ADA) and Algorand (ALGO). Along with King currency the altcoins are also under bearish movement.

Meanwhile, one of the popular analysts is predicting a bullish movement for Ethereum competitors Cardano and Algorand in the next bull cycle.

While in conversation with another renowned analyst, Benjamin Cowen, the analyst who is anonymously known as Guy, a host at Coin Bureau claimed that both ADA and ALGO have great teams working behind their success.

As Guy talks about Cardano he asserts that the one thing that ADA lacks is institutional investors. However he feels that when the crypto market surges the investors’ interest will be back and that is when they will compare Ethereum and Cardano. He also says that Cardano network was the one that saw massive upgrades without any issue.

Hence, he believes this is what makes the Cardano team more reliable and will be a huge success in future. He quotes that even though ADA price is not that great, the network has a huge potential.

At the time of writing, Cardano is selling at $0.426 with a fall of 1.46% over the last 24hrs.

Algorand Blockchain For The US CBDC ?

Next, the analyst talks about Algorand as he talks about the currency’s connection with Massachusetts Institute of Technology (MIT) and claims this connection might pave the way for new projects. This is because Silvio Micali, Algorand founder, is a computer science and cryptography professor at the university.

Furthermore, Guy claims that MIT is set to get into collaboration with the Federal Reserve for its upcoming digital dollar or CBDC. Hence, he believes this might favor Algorand and the guesswork that’s happening around Algorand saying this could be the blockchain for the US CBDC might turn out to be true.

Currently, Algorand is trading at $0.343 with a drop of 3.33% over the last 24hrs.

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