The crypto market which had just attempted to regain the lost bull run, has yet again flipped its move with bears taking over the market. The lead cryptocurrency, Bitcoin, has plunged below $20,000 area and is now trading at $19,972 after a fall of 1.60% over the last 24 hours.
The same is the case with altcoins such as Ethereum (ETH), Solana (SOL) Cardano (ADA) and Algorand (ALGO). Along with King currency the altcoins are also under bearish movement.
Meanwhile, one of the popular analysts is predicting a bullish movement for Ethereum competitors Cardano and Algorand in the next bull cycle.
While in conversation with another renowned analyst, Benjamin Cowen, the analyst who is anonymously known as Guy, a host at Coin Bureau claimed that both ADA and ALGO have great teams working behind their success.
As Guy talks about Cardano he asserts that the one thing that ADA lacks is institutional investors. However he feels that when the crypto market surges the investors’ interest will be back and that is when they will compare Ethereum and Cardano. network was the one that saw massive upgrades without any issues.
Hence, he believes this is what makes the Cardano team more reliable and will be a huge success in future.
At the time of writing, Cardano is selling at $0.426 with a fall of 1.46% over the last 24hrs.
Algorand Blockchain For The US CBDC ?
Next, the analyst talks about Algorand as he talks about the currency’s connection with Massachusetts Institute of Technology (MIT) and claims this connection might pave the way for new projects. at the university.
Furthermore, Guy claims that MIT is set to get into collaboration with the Federal Reserve for its upcoming digital dollar or CBDC. Hence, he believes this might favor Algorand and the guesswork that’s happening around Algorand saying this could be the blockchain for the US CBDC might turn out to be true.
Currently, Algorand is trading at $0.343 with a drop of 3.33% over the last 24hrs.