Cardano Just Overtook BNB To Become The 8th Largest Crypto

I talked about my investment in Cardano at the beginning of last month. I was very happy with it and it seems like I have more reasons to be happier. Cardano has registered huge gains over the past 40 days or so. It all started when the Cardano foundation announced that they will be releasing Shelley later this month. Ever since the announcement was made, Cardano has been rising in value at a steady pace.

Source

At the time of writing this, Cardano overtook BNB to become the 8th largest crypto with a market cap of $2.46 billion. There are still 26 days left for the Shelley hardfork and I believe that the price will keep on rising till then. With Litecoin and Bitcoin SV having a market cap of around $2.7 and $2.9 billion respectively, I won't be surprised if Cardano takes over both of them.

Right now, Cardano is trading at 9.5 cents and it has major resistance at 11 cents. If it manages to break that resistance which it should, we might be in for a 14-15 cent Cardano. If it manages to reach the target price, it will become the 6th largest crypto and that will be a huge achievement.

Cardano was way ahead of time as Cardano is already what Ethereum 2.0 is trying to become. After the release of Shelley(currently on test net), there is another event coming in mid-August and that's Cardano staking.

I took an entry at around 5 cents, so I have almost doubled my investment. I haven't taken any profit yet, as I think it can go higher than this. However, I plan to exit before the Shelley hardfork as there might be some correction afterward.

Are you invested in Cardano?
Let me know in the comments section below.

Disclaimer

This is not financial advice. These are my personal thoughts and opinions

Download Brave and start earning BAT.