Morningstar portfolio manager Amy Arnott believes that Cardano is a part of the “big three” alongside Bitcoin and Ethereum because it has what it takes to go mainstream but it can only happen when average people get on board so let’s read more in our latest Cardano news today.
Amy Arnott said Cardano along with bitcoin and Etheruem has the potential to form the “big three” of mainstream cryptocurrencies. She pointed out the pros and cons but Cardano will soon offer technical applications of Etheruem without extreme volatility whereas she claims BTC lacks the ability to generate cash flow. The Morningstar Portfolio Manager states these qualities will catch the eye of the investors once the ecosystem fills out.
The Alonzo protocol is getting closer to rollout with each passing day and we saw that Input-Output Global CEO Charles Hoskinson even gave an update:
“All things considered, velocity is exactly where it needs to be, the progress is exactly where it needs to be. Alonzo is coming.”
Throughout this period, Hoskinson took the time to keep the community posted on the Alonzo progress so far and current estimates put an early September date on the rollout. Soon, Cardano will have the functionality to compete with other smart contract platforms with Arnott mentioning that the potential technical applications on Cardano could stimulate more interest from institutional investors:
“Cardano is similar to Ethereum in that it’s a protocol that has a lot of potential technical applications. There’s a lot of enthusiasm about Cardano and also various stablecoins.”
ADA peaked at $2.50 during a run-up in May and after the drop, the FUD took hold and bottomed at $0.90 over a four-day period so since then ADA was ranging between $0.98 and $1.90. In line with Bitcoin’s revival, the past week and ADA has seen a return of bullishness but there was a 26% swing in price and moved above the 50-day MA for the first time since mid-June. The price soon retracted to a lower level yesterday but it seems that there was another attempt to move above the 50-day MA. RSI shows a sharp upswing last week and right now the momentum is heading towards overbought territory with a reading of 50 and higher.
Arnott used the word mainstream in her comments and crypto presents a number of barriers to going mainstream. Regulatory uncertainty is the main reason for turning people off but then the issue of usability gets overlooked. The CEO of SRAX, Christopher Miglino pointed out that crypto can be intimidating for the average person:
“The technological savvy needed to confidently buy and sell crypto is a big enough barrier to entry that it prevents the layman from getting started. Many companies are trying to make it easier, but the average person is still intimidated by the process.”
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