Cardano is gonna crush it in 2021., sits at number six on the rankings, but should soon pass xrp. Since we all know it's going backwards due to the sec lawsuit against it. The top two coins, bitcoin and ethereum, have recently set all-time highs.
We saw ethereum go from 300 to 1700. In just a few months. We haven't even got to the silly part of this crypto bull run yet, but cardano hasn't hit its all-time highs, yet in fact it needs a 200 move just to get there.
That's a 3x. For you, monday morning, quarterbacks keeping score at home. The question is not: if cardano can reach all-time highs, it's wind and how high is the ceiling? You got questions. I got answers.
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If you want to get that deal head on over to bitboycrypto.com deals and click on ledger to get started. Now in this video we're, going to be covering your favorite palindrome ada. We're, going to discuss the latest developments and then we're going to put on our speculation, hats believe it or not.
We've got one as i offer you up a new price prediction for cardano in 2021, but you're gonna have to wait for that until the very end. Of course. Now i was lucky enough to have charles hoskinson on the live stream.
Yesterday, charles or olhoski, as he may or may not prefer to be called, is of course, the founder of cardano and a co-founder of ethereum. He discussed a lot of the things he's very excited for so, if you missed that interview go back to yesterday's, live stream and check it out.
Of course, after you're done with this, video cardano is coming up to key fundamental technical and technological forks in the road. If you will so let's break down all three of these areas, let's. Look first.
At the fundamentals for cardano, and if you're newer to crypto fundamentals, basically mean current events, at least for today's discussion, we'll, get more into the technology side later, but one big event coming up for cardano Is the mary hard fork hard forker? I barely knew her, but what i really want to focus on in terms of fundamentals is twofold.
First, we have the grayscale news and i feel like we got a lot of clarification from charles yesterday regarding this. I wasn't, really sure how much he could say about it, but i was very intrigued to hear his opinion.
Basically, he said he can't confirm it because he doesn't work for grayscale, so he doesn't know, but he implied that the greyscale trusts that were recently filed in delaware are likely real, but they are just Skeletons in case grayscale is able to get regulatory approval for those projects, so, while the grayscale 88 trust has not materialized, yet we know that there is probably a good chance.
Grayskill is targeting cardano for a trust. The question, i suppose, is whether he knows more than he led on to in the interview, because he has been teasing a big month for cardano in february and whatever the thing driving that big month is gonna be well that's.
The second major fundamental event i just don't, know what it is along with being on. My show charles also joined me yesterday on crypto banter, with crypto man ram. It was a very good show, but while we were on that show together charles alluded to a big event this month, that should bring much more liquidity to cardano.
Certainly if there was a grayscale trust edition that would be huge and fit that description. However, i do believe what he said from our interview that that probably is not the case very soon. I would say there is most likely a large exchange listing coming for ada or possibly some kind of new fiat on-ramp.
I can't know for sure, but i get the feeling whatever this is it's going to be major now as far as the technicals, where the charts go there's. Also action indicating the price will be going up a recent head and shoulders pattern appeared on the charts or ada, while that itchy and scout remedy of a pattern usually means bearish action.
It recently broke out of the pattern to the upside by measuring different aspects of the pattern between the head and the neckline. The technicals are pointing to an upside target of around an 8x from here the upper cardano at three dollars and 20 cents, which is pretty good, but as we'll discuss at the end, when i give you my price prediction, it ain't gonna stop there.
In addition, like we've, seen with ethereum recently there's been a huge rush of new wallets created, but the metric i would like to focus on here is the drastic increase in large transactions. I think there's, a very obvious reason for this.
The flow of money in crypto runs from btc to eath and down to major caps that's, where we are right now, almost all of the money that is ever entered into. Bitcoin and all the money ever entered into ethereum was in profit yesterday and much of it today.
This profit has to go somewhere, and the beneficiaries of this right now are dot in ada projects, seen as the closest competitors to ethereum, but the one thing cardano has overdone in terms of price is history.
We can easily see the upside of cardano in 2017 when it went all the way to a dollar 22., and, like i mentioned earlier, it's. A 3x from here btc hit a new all-time high eth hit a new all-time high dodges launched last year.
Xrp is going backwards. Ada is clear for takeoff to run straight to all-time highs. Cardano should barring some kind of black swan event challenge or break its all-time high by the end of february. In my opinion, let's get back, though, to the technology side of things for cardano, though, before we get to my actual price prediction, the road map is now in the gogan phase, which side note will not be renamed as the rogan phase.
Charles confirmed that yesterday, on the show, many people have waited for this, as it will include native tokens. Now these native tokens are basically the erc20s of cardona right now. Polka dot is seeing an explosion in their tokens and their offerings.
I can't. Wait to see some of the cool ideas come to life in the cardano ecosystem. The cardano community is huge and definitely highly engaged. Tokens launched on the cardano blockchain will certainly have a leg up toward success.
Now these native tokens are going to be big because they change the way tokens interact with their native blockchains ethereum. Tokens are built on top of the blockchain cardano native tokens are constructed inside the ledger itself, which will lead to better compatibility now.
So you may be wondering why is this so big ethereum's had so many problems with extremely high gas fees, because it costs money for the tokens to interact with ethereum with cardano. This is not the case.
It means that the cardone ecosystem would be primed for decentralized finance. I told you guys that before i believe that's, the secret weapon for cardano that people are not really talking about, but they will be another.
Recent development was the launch of its new plutus playground for cardano. It's, basically, where developers can test out smart contracts on the network. Plute plutes, of course, is the programming language of cardano.
Its entire purpose is to bridge the world of blockchain development with mainstream computer programming. There are so many great developers out there well-versed with regular programming languages like java, but they don & # 39.
T know how the complicated blockchain languages work like solidity. Plutus solves that by making the transition easier between the two worlds, this will allow cardano to pull from a much bigger developer, pool man i'll.
Tell you what there is a lot going on with cardano, as you guys can see here now. I'm, so bullish on ethereum for 2021 that it hurts, but i really believe that in 2024, when the next bull cycle begins, i'm going to have that same feeling for cardano ethereum is the darling of this run.
Cardano will likely be my biggest pick for the next one, the thing that separates ethereum for cardano right now. It's, not the tech, so the institutional investors are looking more at eath, which will prevent a lot of downside volatility.
Cardano is certainly going to crush it in this speculation based run as well. So let's, get what you came here for how rich are you going to get? I made a price prediction last year for cardano that was two dollars and 28 cents.
As we entered this year, it became apparent how i lowballed it, and people called me a moon boy. I'm gonna need some bigger moon boots about four times bigger. That is, i think, cardano will peak out at nine dollars in this bull run.