More Australians May Flock to Buy ADA as Bullish Sentiment Grows

By José Oramas March 09, 2021 In Australia, Cardano

Cardano’s native crypto asset ADA, which taking a greater role in the crypto market is now entering the Australian mainstream. The asset was recently featured on 9 News Australia where they called ADA “The Next Bitcoin”.

Traders and investors who are seeking alternative assets with great potential may also consider Cardano, as there is a strong bullish sentiment in the market right now for ADA.

Investors are looking for the next bitcoin, meaning they’re investing in cheaper tokens like Cardano’s ADA, IOTA, and Tron, all of which are priced around the $1 mark. We believe this year could see this hunt for the next ‘bitcoin’ intensify, as the market widens and other coins gain their own following.

Simon Peters for 9 News Australia

Why is the Community so Bullish on ADA?

ADA is already up over 600% for 2021, and is now becoming one of the most lucrative cryptos for traders and the crypto development community.

ADAUSD Chart by TradingView

The ADA token had a successful bull run since the beginning of February in 2021. When Cardano started working on the Gogen Mary fork (a major protocol change in the network) on February 3, ADA increased massively in price, reaching an All-Time High of $1.47, and trading volumes of nearly $20,000,000.

A Multi-asset Blockchain

Cardano is also entering the DeFi space with its new multi-asset blockchain. This could also be a reason for the recent price rise. Developers from other DeFi firms can now build their own tokens on Cardano (just like Ethereum), making it a more useful crypto.

José Oramas

José Oramas

José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.

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