BitBoy Says $5 Possible for Cardano But Insists its is A Dying Platform
Crypto commentator Ben Armstrong, known as BitBoy, recently weighed in on the prospects of Cardano (ADA) in this bull season, suggesting that ADA could reach $5.However, Armstrong also expressed serious doubts regarding the platforms long-term sustainability, citing concerns about its growth potential and increasing competition within the blockchain ecosystem.While acknowledging the recent surge in ADA's price, Armstrong noted that investors are likely to see gains. However, he cautioned that Cardano may not offer the same high returns possible in other projects like Render or Internet Computer (ICP).People holding ADA are going to make money, just not as much as they would with other coins, Armstrong remarked. Notably, Cardano made headlines earlier this week when it attempted to break its yearly high. For context, ADA traded as low as $0.3214 on November 4, but just one week later, it was trading in the $0.50 range. The momentum continued, and ADA eventually broke a seven-month high, reaching $0.65 a 102% increase from the November 4 low.Despite this comeback, Armstrong maintained his long-standing pessimism about Cardano. In his latest comments, he referred to Cardano as a dying platform with an uncertain timeline for decline.BitBoy Insists Cardano, Polkadot, and Ethereum are Dying PlatformsWhen comparing Cardano to other blockchain platforms, Armstrong also voiced skepticism about Polkadot (DOT), calling it Dead on Arrival. He criticized Polkadots growth model, labeling its past hype unsustainable and suggesting that the platforms initial surge was a little more than a pump and dump scheme.Armstrong also scrutinized Ethereum (ETH). While he predicted its longevity among institutions, he speculated that it might lose its appeal to retail investors. Armstrong even suggested that XRP could eventually surpass Ethereum in market value, pointing out the lack of retail-focused decentralized application (dApp) development on the Ethereum network.Cardano May Still Hit $5 BitBoyDespite his critical view on Cardanos future, Armstrong did leave room for optimism, stating that ADA could hit the $5 mark in the short term. He estimated a likely top between $2.50 and $3.50 but didnt rule out the possibility of a higher peak if market momentum continues. Well have to wait and see, he concluded, leaving ADA investors with both a warning and a glimpse of potential upside in the months ahead.
Text source: The Crypto Basic
