Last Updated: 20 August 2022
Dan Gambardello, founder of Crypto Capital Venture, told Wednesday what his favourite cryptocurrency is. His preference is cardano and that comes as no surprise. After all, he has already spent a lot of time talking about this currency.
‘Don’t take my opinions so personally’
“Cardano is my favourite crypto. That’s why I cover it so much,” he told his quarter million followers on Wednesday. “If that ever changes, I’ll let you know! This is my crypto journey, and I’m just documenting it. Don’t take my opinions or portfolio so personally.”
#Cardano is my favorite crypto. That’s why I cover it so much. If that ever changes, I’ll let ya know!
This is my crypto journey, and I’m just documenting it. Don’t take my opinions or portfolio so personally.$ADA
— Dan Gambardello (@cryptorecruitr) August 17, 2022
With that last comment, he just doesn’t exactly inspire much confidence. That’s also almost impossible if you’re going to price altcoins so high, because there must be good reasons for that. “Cardano is my favourite crypto, that’s why I handle it so much” is not a good reason to add cardano to your portfolio. This was also an opinion he gave prior to yesterday’s drop.
So what is it?
Fundamentals, of course, are a good reason to buy a currency. Therefore, Gambardello posted a Twitter poll yesterday to find out if the cardano community cares more about the fundamentals of cardano or the ADA price. The result was interesting.
The ADA community tends to make itself heard on online platforms. The eighth largest coin in the world has been in the top 10 of all crypto currencies for years, but the hype seemed to be more about the price than about the fundamental value.
#Cardano poll. You find yourself mainly watching & caring more about…
— Dan Gambardello (@cryptorecruitr) August 16, 2022
Now it turns out that the cardano community cares more about the fundamental value of cardano. However, this group did not win by a distant second. No less than 47.5% of the community cares solely about the price. Perhaps this percentage would be different today, as Cardano’s test net was ‘catastrophically broken’.
Adoption may increase after hardfork
Currently, ADA is trading at a price of around $0.54. The token has been on the rise for a number of days, rising 21% in the past month. This is still a big difference to the all time high that ADA made last year at $3.10. Cardano might be able to get closer after the launch of the new hardfork.
Cardano will soon launch the Vasil hardfork. This would significantly improve the scalability of the Cardano network. This should then lead to higher adoption, if we are to believe the developer IOHK.