Popular cryptocurrency analyst Dan Gambardello has recently revealed that he expects the price of the smart contract platform Cardano ($ADA) to “absolutely explode going into the next bull market” based on the growth of its decentralized finance (DeFi) ecosystem.
In a post Gambardello shared with his over 240,000 followers on the microblogging platform X, he revealed that Ethereum ($ETH), the second-largest digital asset by market capitalization, had around $400 million worth of total value locked on its decentralized finance ecosystem before it went to over $100 billion in market capitalization during the bull market.
Cardano, on the other hand, currently has nearly $180 million in total value locked, which to Gambardello means that ADA is getting ready to explode during the bull market. Cardano’s market capitalization, at the time of writing, is around $10.9 billion.
WOW! I just realized at this time last cycle, Ethereum only had around $400M TVL! It went to $108B in the bull market.— Dan Gambardello (@cryptorecruitr) July 26, 2023
Cardano now has $179M TVL and is even more on track than I thought
ADA is getting ready to absolutely explode going into the next bull market!#Cardano $ADA
The smart contract platform recently lost its standing as the seventh-largest digital asset by market capitalization to the meme-inspired token Dogecoin ($DOGE), after it experienced a significant surge prompted by a subtle change in Elon Musk’s X profile.
A popular Cardano influencer known as ADA Whale has recently noted that the network’s DeFi sector has recently surpassed 20 decentralized applications with many more being built, with the impact of the project’s development not yet being priced in.
His comments came in response to another user saying that the next bull market for ADA “will be good,” but claiming that the cryptocurrency’s price will explode in the “2029 bull market and forward.”
I never tweet charts but this is one to consider. We just crossed 20 dapps, many more forthcoming, TVL has been in a steady upwards trend, impact of Hydra and Mithril yet to become visible, Marlowe launched, governance and full community decentralisation coming. Future is bright https://t.co/sUKNU0ZuCA— ADA whale (@cardano_whale) July 28, 2023
Notably, Cardano, was named as a security in the lawsuits that the US SEC filed against leading cryptocurrency exchanges Binance and Coinbase earlier this year, leading to a few delistings. Revolut, for example, delisted ADA along with Polygon’s MATIC and Solana’s SOL earlier this month.
Cardano, however, was mentioned as one of the top cryptocurrencies when it comes to its ESG score by CCData’s ESG Benchmark report. The report was topped by Ethereum ($ETH) and was followed by SOL and ADA.
The ESG report notes Environmental, Social, and Governance (ESG) mandates are “increasingly prevalent amongst institutional investors and funds,” with global ESG-related assets under management forecasted to reach $33.9 trillion by 2026.
Per the report, Ethereum was the only digital asset to achieve an AA grade in the ESG Benchmark, and it was followed by Solana, Cardano, Binance Coin ($BNB), Aptos ($APT), Polkadot ($DOT), $DAI, $XRP, and Tezos’ $XTZ, all of which managed to get an A rating.