CARDANO (ADA)–Despite the plunging price of Bitcoin to levels not seen since last October, CNBC’s Crypto Trader remains bullish on the possibility of several altcoins, listing Cardano’s ADA currency as “undervalued.”
Cryptocurrency trader Ran Neu-Ner, who hosts CNBC Africa’s Crypto Trader program, told audiences on Fast Money, “There’s more blood to come,” in regards to the falling price of Bitcoin and the general decline of the cryptocurrency markets. Bitcoin broke the 6k USD mark yesterday evening, extending all the way into the 5800 USD range, reaching a relative low in value for the first time since October 2017. While the plunging price of BTC–and by extension, the entire altcoin market–follows on the heels of news surrounding the failure of lightning network in its present state (a protocol to reduce BTC fees and transaction times), the entire market is also responding to a general sentiment that the price will continue to drop. Cryptocurrency hedge funds, of which hundreds opened throughout last year, are reaching the critical point where investors can ask to take profit from their investment (forced sales), leading to a potential selloff in the market worth billions to the capitalization.
— CNBC’s Fast Money (@CNBCFastMoney) June 28, 2018
Given the negative attitude towards BTC’s price rallying in the near term, Neu-Ner has taken a bearish stance on the currency, predicting the price fall could extend into the 5300 USD range before the market starts to see a reversal, “Right now my money is on the market continuing to go down.”
Neu-Ner, founder of OnChain Capita, has been negative towards the price of BTC in the past, saying earlier in the month that he could see BTC testing 5000 USD in the near-term. He does argue that BTC pricing could form a floor when the cost of production (miner fees paid in electricity and equipment to process transactions and mine new coins) outweighs the benefit of selling at such a depressed price. Miners, in that situation, will be more compelled to hold their coins until price levels become more palatable–thereby drying up a portion of the current selling population.
Neu-Ner did give support for the future of cryptocurrency, saying that investors bullish on the technology should view this as a buyer’s market,
“If you understand the technology and you’re a bull, then now is a great time to be buying…The blockchain is progressing and this thing isn’t going away.”
In particular, the crypto trader highlighted Cardano’s ADA as a cryptocurrency for investors to consider, in addition to listing the altcoin as undervalued. When determining his next prediction for a successful currency, he stated looking at blockchain technology and infrastructure, which led him to Cardano and Neo.
Speaking specifically about his interest in Cardano, Neu-Ner had this to say,
“It’s a blockchain protocol. Which I think is highly undervalued.”
While the price of Cardano continues to fall coinciding with the slipping crypto market (ADA down to 0.11 USD as of writing), the eighth cryptocurrency by market cap saw positive news in the form of founder Charles Hoskinson meeting with Google to discuss the future of blockchain and crypto application.
IOHK make a visit to @Google‘s London office and our CEO @IOHK_Charles was invited to talk about Cardano and the future of #cryptocurrencies. Check out some key questions asked at the event in the latest blog post: https://t.co/gyMzWkOs2w #Cardano @cardanocom @CardanoStiftung pic.twitter.com/PnvhAK4gpz
— Input Output (@InputOutputHK) June 28, 2018