The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Is Cardano Overvalued? Trader Lark Davis Analyzes Crypto Asset’s Meteoric Rise

by Daily Hodl Staff
April 2, 2021
in Altcoins, Blockchain

Crypto trader and influencer Lark Davis is analyzing the potential upside of investing in the smart contract platform Cardano (ADA).

In a new video, Davis takes a hard look at some of the critiques levied at the Ethereum competitor and fifth largest project in the space by market cap.

He first tackles the claim that Cardano is overvalued at a nearly $40 billion market cap, especially when in conversation with the fact that its network currently offers few practical use cases.

“[Cardano is] worth around give or take a few billion… with almost no functional applications currently built on the chain. The main use case for Cardano right now is staking…

I know, the market is always forward looking and the current price is based off of anticipated future value but more than that I think if we’re going to be honest here, the current price of Cardano is riding pretty high on hype versus actual demand for the token based on utility and necessity by developers and users and stuff like that…

Just because Cardano is overvalued right now does not mean that the price is going to go down dramatically. In fact quite the opposite is going to happen. The higher the market cap the more serious of an investment it is in the eyes of many investors…”

Davis also looks at Cardano’s roadmap and the fact that its smart contract capability remains under development.

“I would like to see developers actually committing to come and build on Cardano like they are committing to build on Polkadot (DOT) right now… If the developers don’t commit then you won’t actually get a lot of ecosystem being built out even if you have a lot of enthusiastic users.”

Davis says it’s fair to expect Cardano’s speed of development to pick up the pace, especially considering the relatively fast rise of other projects with robust and successful ecosystems such as Elrond (EGLD) and Avalanche (AVAX).

“I understand why Cardano is taking its time… they want to build the best possible blockchain. And I think when Cardano does release smart contracts later this year, it’s going to be beautiful… but this is an incredibly fast-paced industry, and which projects will capture the most market share long term? Still very very uncertain…”

Ultimately, users will go where the money is, remarks Davis, and whichever platform provides that to its developers and users will succeed in the smart contract wars.

Cardano, notes Davis, has a good shot at being an important portion of the crypto landscape.

“Here is the deal, it doesn’t matter how good your blockchain is unless you get people to use your blockchain…

At the end of the day money flows are based on self interest. Users will go where the money is. If Cardano can deliver such an ecosystem that makes people money, users will come, developers will come. I personally think that Cardano will prove the haters wrong this year and that they will deliver a powerful and interesting blockchain that will become a big part of the crypto ecosystem… but also keep in mind that it will simply be a piece of the bigger picture of the crypto verse.”

l

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/breakermaximus

Submit a Press Release

Industry Announcements

  • DPAT Raises Private Funding To Enhance Web 3.0 Ecosystem
    June 2, 2023
  • Pink Moon Studios Reveals ‘KMON: World of Kogaea’ Pioneering a New Era in Web 3.0 Open-World Gaming
    June 2, 2023
  • OKX Proposes Industry-First BRC-30 Token Standard To Enable Bitcoin and BRC-20 Token Staking
    June 2, 2023
  • Devour and AlterVerse Partner To Bring the World’s First Web 3.0 Food Ordering Marketplace to the Metaverse
    June 1, 2023
  • Bumper’s Breakthrough DeFi Protocol Set To Reshape Options Pricing
    May 31, 2023
  • MetaZone Secures Funding To Expand the World’s First Tokenized App Platform for the Metaverse
    May 30, 2023
  • The QWAN Launch – A Token for the Global Gaming Industry
    May 30, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,086.26
$27,086.26
0.63%
Ethereum
$1,893.47
$1,893.47
0.77%
Cardano
$0.376565
$0.376565
0.58%
XRP
$0.520251
$0.520251
0.97%
Dogecoin
$0.072808
$0.072808
0.18%

Spotlight

  • Bitcoin Could Erupt 150% This Year and Shatter All-Time High, According to Analyst – Here’s Why
    May 27, 2023
  • Under-the-Radar Altcoin Escapes Crypto Doldrums and Surges by 44% This Week Amid Successful AI Testing
    May 27, 2023
  • One Catalyst Could Trigger Altcoins To Plunge by Up to 50%, Predicts Popular Crypto Analyst
    May 27, 2023
  • Ongoing Crypto Market Downturn Forces 2,710,000 Bitcoin (BTC) Into Loss Territory: Glassnode
    May 27, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl