Recently, critical developments have attracted attention for Cardano (ADA), a popular altcoin project. ADA is considered by some to be a “commodity”. Here are the details…
Altcoin Cardano trades as a commodity in Indonesia
Dan Gambardello, founder of Crypto Capital Venture and a popular crypto analyst, shed light on the exciting developments surrounding Cardano (ADA) in a recent video update. He highlighted significant regulatory progress in Indonesia, where Cardano has been approved to trade as a commodity. Gambardello highlighted that this regulatory support, coupled with the thriving Cardano DeFi ecosystem, paves the way for Cardano’s future growth. Many in the altcoin space are waiting for the next bull cycle. On the other hand, he pointed out that the Cardano ecosystem is already experiencing a mini bull market with the DeFi sector showing signs of awakening.
The analyst also warned of the risks associated with new tokens and scams, urging viewers to be cautious and do research. He underlined the importance of understanding the context of these developments, particularly in relation to the broader crypto market. Gambardello also discussed the impact of recent US regulatory hurdles on Cardano’s price. Despite these challenges, he believes the timing couldn’t get any better for Cardano. He cited the Indonesian government’s recent recognition of ADA and other cryptocurrencies as commodities as an important development that could change the narrative around Cardano.
Gambardello says that Indonesia, the fourth most populous country in the world, aims to become the crypto capital of Asia, and with a large population of about 280 million tech-savvy people and unbanked, the country offers a mature market for crypto adoption. Strong and insightful regulatory support from the government further strengthens this drive. Gambardello also highlighted the unique opportunity Cardano offers in the current market. He believes Cardano’s current valuation of just over $10 billion is significantly understated, especially when compared to Ethereum’s $226 billion.
Benjamin Cowen: Cardano is performing well
On the other hand, Benjamin Cowen, CEO and founder of ITC Crypto, pointed out in a tweet that Cardano (ADA) is outperforming the previous cycle between 2018 and 2020 in the current bear market. This may indicate that ADA traders will be less affected by the current bear market compared to the previous bearish cycle. The CEO included a snapshot of ADA’s return on investment in his post. The blue line on the chart represented the bear market from January 2018 to March 2020, while the orange line represented the current bear market that started in September 2021. In the orange line, there was a remarkable trend of decreasing losses as a function of time.
This indicates that the current bear market is experiencing a slower decline compared to the previous one. Based on calculations, Cowen believes the orange line will reach the same length as the blue line on November 13, 2023. This observation by Cowen may indicate the potential for a less serious impact on the price of ADA in the current bear market compared to the previous bear cycle. Regarding the altcoin’s performance in the last 24 hours, ADA was one of the cryptos whose price fell during this time.
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