Cardano’s $100 Price Tag in Question Amid Bitcoin’s Wild Bet

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Cardano’s $100 Price Tag in Question Amid Bitcoin’s Wild Bet
Credit: © Reuters.

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  • Cardano supporters remain optimistic about a bullish run to its $100 target.
  • Rising inflation and bank collapse drive investors to alternative options.
  • Experts predict Bitcoin could reach $1 million in value.

Despite the volatile cryptocurrency market, supporters of Cardano remain confident that the altcoin, dubbed the “Ethereum-killer,” is poised for a bullish surge toward its $100 goal. Meanwhile, cynics continue to doubt the crypto industry’s viability, specifically on former Coinbase (NASDAQ: COIN ) CTO Balaji Srinivasan’s bold $1 million Bitcoin bet.

In relation, the cryptocurrency market has been buzzing with excitement as experts are betting big on both Bitcoin and Cardano. Moreover, with the US Federal Reserve fighting against rising inflation and the recent collapse of two central US banks, Silicon Valley Bank and Silvergate, investors are seeking alternative options to traditional investments.

Bitcoin, in particular, has drawn attention as some experts predict it could reach $1 million in value. Similarly, Cardano’s token ADA has also emerged as a promising investment, with a potential target price of $100.

In light of the world’s largest central bank’s actions, cryptocurrency specialists such as former Coinbase CTO Balaji Srinivasan and BitMEX founder Arthur Hayes have become increasingly optimistic about Bitcoin’s future.

On Twitter, Srinivasan challenged James Medlock, an anonymous analyst, with a $1 million bet on the US Dollar entering hyperinflation within 90 days. This bet garnered support and criticism from the crypto community on Twitter, leading to Cardano supporters proposing a similar narrative with a $100 ADA bet. Further, LucidCIC, a prominent Cardano supporter and crypto influencer, expressed optimism for Bitcoin and Cardano due to their decentralized nature.

At the time of writing, Cardano’s price has dropped by 1.35 percent in the previous 24 hours to $0.3399 per coin. In addition, Cardano’s trading volume and market valuation have fallen, by 9.28% and 1.24%, respectively, indicating a decline in market activity and demand.

The post Cardano’s $100 Price Tag in Question Amid Bitcoin’s Wild Bet appeared first on Coin Edition.

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