Cardano (ADA) and Algorand (ALGO) are two blockchains to watch in the next bull cycle, Coin Bureau says – here’s why
A popular crypto analyst believes Cardano (ADA) and Algorand (ALGO) will be two blockchains “to watch out for” when the next bull market starts.
Pseudonymous Coin Bureau host Guy says in a new discussion with fellow cryptoanalyst Benjamin Cowen that both Ethereum (ETH) rivals have great teams behind them.
“Long-term trend-wise, I think investors — especially institutional investors, which is obviously where Cardano is lacking in that respect — but I think any investor will look at the likes of Ethereum and Cardano down the road, when interest in crypto returns, and say, “Well, these guys were able to do these major upgrades and they went flawlessly.”
And I think that’s a testament to the caliber of people working on these projects, and I think that will be a big part of people’s due diligence in the future. So even though the price hasn’t done anything, I think it’s very, very positive, especially for Cardano.”
ADA is trading at $0.43 at the time of writing. The eighth-ranked crypto asset by market capitalization is down 0.72% in the last 24 hours.
Guy also notes that Algorand’s ties to the Massachusetts Institute of Technology (MIT) could open up opportunities for the project. Algorand’s founder, Silvio Micali, is a professor of computer science and cryptography at the university.
“The Algorand team is not only very talented, but it also seems in a sense very well connected, because MIT, as I understand it, is supposedly working with the Federal Reserve on this upcoming digital dollar, this CBDC [central bank digital currency]. And I think that kind of opens up a lot of potential questions around Algorand, because there’s been a lot of speculation that Algorand could be the blockchain for an American CBDC that could eventually go ahead.”
ALGO is trading at $0.3573 at the time of writing, a negative change of 1% in the last 24 hours.
News broke in February that the US Federal Reserve and researchers at MIT are collaborating on a central bank digital currency (CBDC) initiative called Project Hamilton.
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Featured image: Shutterstock/Swill Klitch
