One thing a bear market is good for is “intelligence” – it’s showing us which crypto projects are making the improvements and innovations needed for the next bull run.
Cardano (ADA), one of my hands-down favorite tokens, is doing that just now. We’ve talked about the Vasil hard fork upgrade that’s being tested right now with an eye toward going live within a month. Nick Black thinks it’ll put $1 or even $1.50 in reach, thanks to increased efficiency and network capacity.
That was enough to make this summer’s crypto winter a little warmer, but then out of the blue we got news that Trust Wallet, one of the most popular “hot” wallets out there with more than 50 million users, is going to let those users access and transact in Cardano.
Here’s why it’s great news…
This Is Huge Trust Wallet, Bigger for Cardano
ADA’s ecosystem is one of the biggest in the crypto space; there are more than 1,000 projects in the pipeline at varying stages of completion. The coin recently reclaimed $0.50 territory, which, when combined with the expected upgrade, makes it much easier to realize the $1 prices we’ve been expecting this summer.
At the moment, Cardano has a market cap of around $16.7 billion, with a circulating supply of 33.7 billion. That makes it the eighth-biggest coin in the world right now, ahead of wet-sandwich Solana (SOL) and just behind the Binance USD (BUSD) stablecoin.
And now, 50 million more people have ADA on the menu. If they use Trust Wallet, they can buy it directly from the app, store, send, and receive (swap) it. They can easily track ADA’s efficiency and price performance, too.
This is just another example of the increasing adoption of cryptos like Cardano.
When you weigh this new, expanded potential user base and the increase coming down the line from the Vasil upgrade, it’s hard not to get excited about the next six months for ADA. This is an extremely bullish development.
Exactly how bullish? It’s hard to say for sure.
Nick Black has a $1 to $1.50 price target on Cardano for 2022. We’ll be in touch when he develops and releases his updated ADA price predictions when taking the Trust Wallet adoption into account.